Antara Capital has reduced its APE stake by more than 60% in 4 months
The largest investor in AMC Entertainment Holdings Inc.’s AMC Preferred Equity shares — known as APEs — keeps selling, and has lowered its stake to less than 10%.
A Form 4 filing with the Securities and Exchange Commission on Thursday showed that Antara Capital LP sold a total of 7,993,400 APEs APE, +1.74% on Wednesday, valued at $13.82 million. That dropped Antara’s ownership to 93.91 million APEs, or 9.4% of the APEs outstanding.
That means Antara has slashed its APE stake by 63.7% in four months.
The sales came as AMC looks to convert APEs into AMC common stock.
Meanwhile, APE shares rose 1.2% in morning trading, while movie theater operator AMC’s stock AMC, +0.23%, one of the original “meme” stocks, dropped 4.6%.
Antara disclosed its first purchase of APEs in January, “for investment purposes.” A 13D filed on Jan. 4 showed Antara owning 61.82 million APEs, or 8.8% of the APEs outstanding.
Antara’s ownership spiked up to 258.44 million APEs, or 28.7% of the APEs outstanding as of Feb. 7, filings showed.
From the Jan. 4 close through Feb. 7, APEs rocketed 133.8%.
There have been multiple filings since Feb. 9 that showed Antara cutting its stake. The latest 13D filing, also filed Thursday, showed that as of June 22, Antara had owned 98.11 million APEs, or 9.9% of the APEs outstanding.
From the Feb. 7 close through Wednesday, APEs have tumbled 44.7%. Over the same time, AMC’s stock has dropped 28.4% while the S&P 500 index SPX, +0.45% has gained 5.1%.