AMC CONVERSION AND REVERSE SPLIT! THIS IS HUGE! - AMC Stock Short Squeeze Update
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Links;
https://twitter.com/NateDaddy33/status/1605955581386231808
https://twitter.com/NateDaddy33/status/1605946420665647105
https://twitter.com/AMCbiggums/status/1605968441843728388
https://twitter.com/Jfromm1968_CRTD/status/1605969612729827336
AMC has just announced the conversion of the special dividend to common shares AND has also announced a 1 for 10 reverse split, this is huge!!
Adam Aron has now fully sold the additionally authorised 500m preferred equity shares, meaning there are around 1bn preferred equity shares and 516m AMC shares, after the conversion there will be 1.5bn AMC shares, and after the 1 for 10 reverse split, 150m AMC shares.
Now this means the shorts short position basically 5x's overnight, as the preferred equity stock is only $1.20 per share, and AMC is over $5 per share.
It also means there will be a forced locate event, when the preferred equity dividend was issued there was no share locate requirement on the original shares, but now that its converting back to AMC, there will be a forced locate requirement for every single share!
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