Is the AMC Investor Connect “APE” NFT Worth It?
The AMC Investor Connect NFT program plans to drop "I OWN APE" NFTs and associated preferred APE stock.
Aug. 8 2022, Published 4:59 a.m. ET
The AMC Investor Connect program has provided a channel to give retail investors various perks, including advance screenings, free popcorn, and NFTs. What's the value of AMC Investor Connect NFTs?
AMC stock benefited from the short squeeze that also lifted GameStop as retail investors took on Wall Street elites. The support prompted the theater chain to forge a stronger relationship with its retail investor community, resulting in the AMC Investor Connect program. In addition to giving investors important updates from AMC Theatres, the program includes NFT drops.
The AMC "I OWN APE" NFT drop, explained
The theatre chain is planning an additional NFT drop for its Investor Connect members: the "I OWN APE" NFTs. Members who join the Investor Connect program by Aug. 31 can participate. AMC will send out the "I OWN APE" NFT redemption details to eligible investors in the week beginning Sept. 19. The AMC Investor Connect program currently has about 765,000 members and enrollment remains open.
How can I get my AMC “APE” stock?
AMC has also declared a special dividend. Instead of cash, the company plans to hand its shareholders a special type of preferred share with a par value of $0.01. Once issued, those dividend shares will trade under the “APE” symbol.
AMC plans to issue investors with one share of the special APE stock for every share of its common stock they own. As a result, the company plans to distribute about 517 million units of the APE shares.
The company plans to distribute the special stock dividend on Aug. 19. APE stock is expected to begin trading on Aug. 22. In the future, AMC investors may be able to convert APE stock into AMC common stock. The ability to convert the stock is subject to investors approving a company proposal to increase its number of authorized shares.
What's the AMC Investor Connect NFTs' value?
The theatre operator issued its flagship "I OWN AMC" Investor Connect NFT free. Those who received the free NFT drop have listed them for sale at various prices. The floor price for the "I OWN AMC" is $15, and the highest sale price is about $70. However, some "I OWN AMC" NFTs are listing for as much as $10 billion.
The "I OWN AMC" NFTs are also being issued free to AMC Investor Connect members. Seeing how the "I OWN AMC" NFTs have become highly valuable, the "I OWN AMC" NFTs may also fetch top dollar.