AMC Entertainment Investor Wanda Converts Stock to Cash In on Short-Selling Mania
AMC Entertainment Holdings' (NYSE: AMC) investor Wanda Group may have missed out on the chance to score big from the short squeeze feeding frenzy in the theater owner's stock.
With its ownership tied up in AMC's Class B shares, for which there was no market to speak of, it couldn't fully capitalize on the 800% spike in AMC's Class A shares. Wanda is rectifying that situation by converting at least some of its Class B shares to Class A shares, which will allow it to sell them on the open market.
Although most of the excitement surrounding AMC's stock has since subsided and it now trades 66% below below the $20 a stub it hit at the peak, the stock remains elevated compared to where it was before the mania struck.
Source Fool.com
