AMC Entertainment (NYSE:AMC) stock and the company’s Preferred Equity Shares (NYSE:APE) stock are on the move Monday after the movie theater company revealed the details of its next shareholder meeting.
First off is the date and time. AMC will hold its next shareholder meeting on March 14, 2023. The meeting will start at 12:00 p.m. Eastern Time and is taking place at the AMC Theatre Support Center in Leawood, Kansas.
Now for the details of the meeting. AMC is holding this special shareholder meeting to address three proposals that it wants shareholders to vote on. They are as follows:
- Increasing the total number of authorized AMC stock from 524,173,073 to 550,000,000 shares.
- Approving a one-for-10 reverse stock split to allow AMC to covert its Series A Preferred Stock into Common Stock.
- To allow for one or more adjournments of the special meeting should more shareholder votes be needed.
AMC Stock: What’s Behind the Special Meeting
The big focus of the AMC Entertainment special meeting is the company’s APEs, which are its Series A Preferred Stock. The company is looking to convert these to shares of AMC stock following their distribution via a special dividend. That comes as the APEs are consistently trading below the price of AMC stock.
AMC stock rallied in pre-market trading on Monday morning but is currently down 3.5% as of this writing.
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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.