China’s Wanda Group, the major shareholder in AMC Entertainment Holdings Ltd, conducted a share conversion to permit sales of its stock in the cinema operator, a target of the recent WallStreetBets retail frenzy, AMC said in an exchange filing.
Wanda America Entertainment Inc, a Wanda unit, converted its Class B common stock in AMC to Class A shares on Feb. 1 “in order to permit sales of its common stock,” AMC said in the filing to the United States Securities and Exchange Commission on Feb 5.
The filing did not give details on the amount of stock converted to Class A shares or say whether Wanda had sold any shares in AMC. Wanda did not immediately return a request for comment.
AMC shares touched $17.25 on Feb. 1, almost quadrupling from a week earlier, as social media platforms such as Reddit fuelled frenetic retail buying into heavily-shorted stocks such as AMC and GameStop.
-REUTERS