AMC Entertainment (NYSE:AMC) stock got a boost on Tuesday following a statement from the company’s CEO, Adam Aron.
AMC Entertainment has been looking to issue additional shares of its stock and was planning to seek approval during a shareholder meeting. However, that decision has been canned following the reaction to the news.
In response to this, Aron released a statement about the company’s decision. You can read it below.
“It’s no secret I think shareholders should authorize 25 million more AMC shares. But what YOU think is important to us. Many yes, many no. AMC does not want to proceed with such a split. So, we’re cancelling the July vote on more shares. And no more such requests in 2021.
Of course, voting on the other 4 issues requiring approval at the July 29 annual AMC shareholder meeting will continue on schedule. But proposal 1 is hereby officially tabled. There will be no voting before 2022 on more shares.”
AMC Entertainment is preparing to hold its annual shareholder meeting on July 29, 2021. The company notes that it 501,780,240 shares outstanding as of June 2, 2021. To go along with this, the company has 4.1 million individual shareholders eligible to vote in the upcoming meeting.
AMC trading isn’t particularly heavy today. As of this writing, over 20 million shares of the stock have changed hands. That’s still well below the company’s daily average trading volume of 156.5 million shares.
AMC stock was up close to 1% as of Tuesday morning after being up higher when trading started today.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.