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.