Connect with us

Hi, what are you looking for?

News

AMC Scraps Plans for Vote on 25 Million Share Sale

AMC Scraps Plans for Vote on 25 Million Share Sale

AMC Entertainment Holdings Inc. is dumping plans for shareholders to vote on the issuance of 25 million more shares.

In a filing with the Securities and Exchange Commission, the company said it wouldn’t put the issuance of the additional Class A shares to a shareholder vote. Chief Executive Adam Aron also tweeted that the company didn’t want to split shareholders with the vote, which was supposed to happen this month.

“It’s no secret I think shareholders should authorize 25 million more AMC shares,” Mr. Aron said in a tweet, adding that many shareholders were for and many were against. “AMC does not want to proceed with such a split.” He added in a second tweet that there won’t be any voting on more shares before next year.

Shares of AMC rose 2.5% shortly after the market opened, rising to $53.21 a share. Shares of the company had fallen early last month on the news that AMC was going to sell more stock and the company saying that buyers of its stock could be out their money.

The company has also been on a tear of stock offerings, doing seven sales in a span of nine months. Since the company began those sales in August, they have reached over $2.2 billion.

You May Also Like

World

France, which has opened its borders to Canadian tourists, is eager to see Canada reopen to the French. The Canadian border remains closed...

Health

Kashechewan First Nation in northern Ontario is experiencing a “deepening state of emergency” as a result of surging COVID-19 cases in the community...

World

The virus that causes COVID-19 could have started spreading in China as early as October 2019, two months before the first case was identified in the central city of Wuhan, a new study...

World

April Ross and Alix Klineman won the first Olympic gold medal for the United States in women’s beach volleyball since 2012 on Friday,...