AMC's New $425M APE Proposal
Plus, why is XRP dropping now?
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AMC's New $425M APE Proposal
Shares of AMC Entertainment (NYSE: AMC) grew 3.51% in after-hours trading on Monday as the movie theater operator rolled out a new offering for investors.
Details: AMC filed on Monday to sell up to $425 million in additional AMC Preferred Equity Units (NYSE: APE).
Purpose: AMC will use the funding from the new securities to pay down debt and for general corporate purchases.
Background: The company originally introduced the APE stock offering in August as a special dividend for investors.
Stock Price: Shares of APE increased 6.52% in after-hours trading on Monday. Overall, APE is down 43% since being available to the market in August.
Final Thoughts: While this might seem like a nice gimmick for AMC’s meme stock investors, the additional capital will help the company with finances.
Notable Earnings Today: Jabil (NYSE: JBL), BlackBerry (NYSE: BB), TD Synnex (NYSE: SNX), Progress Software (Nasdaq: PRGS), Cracker Barrel (Nasdaq: CBRL), Aytu BioPharma (Nasdaq: AYTU), United Natural Foods (NYSE: UNFI), Cal-Maine Foods (Nasdaq: CALM), Endava (NYSE: DAVA), iPower (Nasdaq: IPW), Neogen (Nasdaq: NEOG).
Notable IPOs Today: LEAD REAL ESTATE CO., LTD (Nasdaq: LRE).
Notable Equity Crowdfunding Campaigns Ending Today: Dome Audio (PicMii), Orbis Brakes (StartEngine), Speedy Eats (StartEngine).
Notable Economic Events Today: Fed Chair Powell speaks (7:30 a.m. ET), Core Durable Goods Orders (8:30 a.m. ET), S&P/CS HPI Composite (9:00 a.m. ET), CB Consumer Confidence (10:00 a.m. ET), New Home Sales (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m.).
XRP Drops As Other Cryptos Grow
The price of the XRP coin dropped 1% on Monday as most of the other cryptocurrencies gained value.
Catalyst: The culprit seems to be the events of the previous weekend, which included XRP Whales selling 263 million XRP coins worth over $130 million, according to The Daily Hodl.
Background: In the days leading up to Monday, XRP was doing great. The coin’s price jumped over 25%, which is remarkable given the tough year for crypto.
Final Thoughts: In spite of challenges, XRP has actually outperformed both Bitcoin and Ethereum in the last month. Will this trend continue?
Nautilus to Contemplate Potential Sale
Shares of Nautilus (NYSE: NLS) increased 7.78% in after-hours trading on Monday after the home fitness company said it would launch a strategic review that may include a potential sale of the company.
Details: The review, which includes finding new opportunities to aid the company’s digital transformation, does not have a timetable. Nautilus said it may not even result in any transaction or strategic change.
Quote: “Regardless of the outcome of this process, the future is bright for Nautilus. Our recent investments have allowed us to reach more of our target customers, grow our member base, add new retailer partners, and expand our supply chain capacity.” - CEO Jim Barr.
Final Thoughts: It’s a good idea for Nautilus to consider any new investor-positive strategy, especially since the stock is down 73% this year.
Trends to Watch
No More Hidden Fees: Biden administration proposes new rules to increase airline fee disclosures (CNBC)
Gambling Pays Off: Casino Shares Gain on Hopes of Renewed Tourism in Macau (The Wall Street Journal)
The Sequel: AlphaFlow Returns to Republic to Raise Up To $5 Million in a Reg CF Securities Offering (Crowdfund Insider)
A New Way to Shop: Walmart enters the metaverse with Roblox experiences (CNN)
Stay Safe, Everyone: BP, Chevron cut offshore oil production ahead of Hurricane Ian (Reuters)
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