20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading lower Tuesday on new developments related to the company's proposed settlement with shareholders.
What To Know: In early April, AMC proposed a settlement with shareholders, which would have allowed for the conversion of APE units into common shares. The proposed plan also included a reverse stock split that would have diluted AMC shareholders.
Vice Chancellor Morgan T. Zurn rejected the settlement on Friday, per Bloomberg, noting that it could not be approved as submitted. AMC shares traded higher Monday following the rejection.
AMC sent in a revised settlement on Monday. After the market close, a new court document showed the deal is set to go back to the judge on an expedited timeline.
Over the weekend, AMC CEO Adam Aron warned that the company could run out of cash in 2024 or 2025 if the deal does not go through.
"If the conversion does not happen, there is a chance that the company will end up having to declare bankruptcy like rival Cineworld if it continues to burn through cash," Aron said in a letter to investors.
AMC scheduled its second-quarter financial results for June 30 Tuesday morning. The company is expected to report a loss of 4 cents per share on revenue of $1.27 billion, according to estimates from Benzinga Pro.
AMC Price Action: AMC shares were down 9.83% at $5.28 at the time of writing, according to Benzinga Pro.
Photo: Dave Dugdale from Flickr.
20-Year Pro Trader Reveals His "MoneyLine"
Ditch your indicators and use the "MoneyLine". A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here's how he does it.
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