National CineMedia soars as retail traders pile in

National CineMedia

12/04/2023 16:23

(Updates)
    ** Shares of National CineMedia Inc  NCMI.O  up 83% at 37
cents; most traded stock across U.S. exchanges
    ** NCMI is also the second-most traded U.S. stock by retail
clients as of 10:30 a.m. ET, according to J.P.Morgan data
    ** North America's biggest cinema advertising firm has filed
for Chapter 11 bankruptcy protection and restructuring agreement
with lenders
    ** All of company's debt will be converted to equity, as per
the restructuring agreement - NCMI
        ** Company says advertising business to remain
functional
    ** Stock fell 21% in premarket trading before reversing
course
    ** About 125 mln NCMI shares changed hands by 1100 EST,
already the busiest trading day for the stock versus 30-DMA
volume of 8.9 mln
    ** Up to last close, stock down 6.3% YTD

 (Reporting by Johann M Cherian and Medha Singh in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))