(Bloomberg) -- AMC Entertainment Holdings Inc., the world’s largest theater chain, rose to a four-month high after its army of small investors embraced a new class of preferred equity the company is distributing.
The stock gained 19% to $22.18 at the close in New York on Friday after initially falling following the announcement of the new units on Thursday. The preferred shares will trade under the “APE” ticker on the New York Stock Exchange starting Aug. 22.
AMC has had a dizzying few years, starting with a pandemic-related revenue collapse in 2020 that brought the chain to the brink of bankruptcy. The company was partly saved by small investors who call themselves apes and gather on Reddit message boards, Twitter and YouTube to pump up the stock. They’ve been touting the shares again since Thursday night.
“We officially pounced,” one participant posted on Reddit. “Words can’t express my happiness right now.” Said another: “I just bought ten more shares today.”