AMC Entertainment Holdings Inc AMC disclosed an equity capital raise and a debt for equity exchange. The company also proposed a vote to convert AMC Entertainment Preferred Equity Units APE into common shares and enact a reverse stock split.
On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said AMC traded at 3.8x average daily put volume on Thursday.
Don’t forget to check out Benzinga's premarket coverage here
There was a buyer of 9,789 of the April 3 puts at an average price of $1.55 per contract, Khouw mentioned.
The trader bet that AMC’s stock will test 2021 lows within the next four months.
AMC Price Action: Shares of AMC Entertainment are down 11.10% at $4.37 Friday afternoon at publication.
Check This Out: Why Cinemark, Liberty SiriusXM And Other Oversold Majors In The Communication Services Sector Look Promising
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.