By Ben Glickman
A judge on Friday approved settlement between AMC Entertainment and certain shareholders, allowing the movie-theater chain to move forward with a plan to issue more common shares. AMC is seeking to convert its preferred equity units, called Apes, into common shares and enact a 10-for-1 reverse stock split in order to raise capital to deal with its debt. Shares of AMC tumble 24%, to $3.98, after-hours.
Wheels Up Experience is in talks with lenders about a debt restructuring in order to avoid bankruptcy, The Wall Street Journal reported Friday. The private jet company earlier this week said there was “substantial doubt” about its ability to continue operating without securing additional funding. Shares rise 1.9%, to $1.14, after-hours.
Nikola said it had initiated a voluntary recall of 209 battery-powered trucks after an investigation concluded a battery defect likely caused a fire at its headquarters. The electric-vehicle maker said that two trucks have experienced issues likely resulting from a coolant leak inside the battery pack, but that the recall would not affect production of its hydrogen fuel cell electric vehicle. Shares fell 2.1%, to $1.91, after-hours.
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