AMC Completes Reverse Split With APE Conversion Today; Are Meme Stocks A Buy Now?

Meme stock AMC will convert the AMC preferred equity — or APE units —  to common stock on Friday. On Thursday, AMC completed a 10-for-1 reverse split to reduce the number of outstanding shares. AMC briefly soared in July after a U.S. court blocked the stock conversion plan, which would dilute its share value.