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AMC ditches its plans to sell more stock

AMC ditches its plans to sell more stock

Posted: Jul 6, 2021 10:01 AM
Updated: Jul 6, 2021 10:01 AM

AMC, the largest theater chain in the world, announced Tuesday that it is ditching plans to sell 25 million additional shares of its stock.

The company said in a filing with the Securities and Exchange Commission that it has withdrawn the proposal from the agenda for its annual shareholder meeting, which takes place later this month. The proposal to authorize more shares was announced in early June.

Adam Aron, AMC's CEO, wrote about tabling the plans on Tuesday in a series of tweets.

"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," Aron tweeted. "So, we're canceling the July vote on more shares. And no more such requests in 2021."

Aron added that the company will be voting on other issues at the shareholder meeting.

"But proposal 1 is hereby officially tabled," he wrote. "There will be no voting before 2022 on more shares."

Investors were happy their stakes wouldn't get diluted: AMC's stock rose 5% in early trading Tuesday.

The company's shares have been on a wild ride this summer. They surged last month thanks in large part to the popular WallStreetBets Reddit board, which has boosted the stock as of late to hurt short sellers who bet against the company.

AMC shares are up more than 2,350% year to date as of Friday's close.

It also helps that AMC is actually showing movies again.

Theaters were hit particularly hard during the pandemic with cineplexes closing their doors for months.

However, the tide seems to be turning in theater's favor lately thanks to big movies returning to theaters and Covid restrictions loosening.

The summer has seen blockbuster hits including "A Quiet Place, Part 2" and "F9: The Fast Saga," the latest film from the Fast & Furious franchise.

And the hits could keep coming this weekend with the release of "Black Widow."

The film from Marvel Studios and Disney is one of the most highly anticipated movies of the year. It debuts in theaters and on Disney+, albeit for an extra fee, on Friday.

The-CNN-Wire
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Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 497790

Reported Deaths: 9917
CountyCasesDeaths
Harrison34102530
DeSoto31839398
Hinds31837622
Jackson24314377
Rankin21881388
Lee15427234
Madison14525279
Jones13772241
Forrest13412250
Lauderdale11937314
Lowndes10934185
Lamar10470135
Pearl River9431237
Lafayette8454138
Hancock7697126
Washington7365156
Oktibbeha7111129
Monroe6727174
Warren6642176
Pontotoc6609101
Neshoba6606205
Panola6460131
Marshall6386132
Bolivar6266145
Union596094
Pike5784152
Alcorn5633101
Lincoln5417134
George491879
Scott470998
Tippah465381
Prentiss464181
Leflore4627143
Itawamba4596104
Adams4570119
Tate4546109
Copiah445191
Simpson4421116
Wayne438572
Yazoo438586
Covington427394
Marion4216107
Sunflower4215104
Coahoma4115104
Leake407787
Newton380879
Grenada3692108
Stone358464
Tishomingo356391
Attala330289
Jasper328265
Winston313191
Clay306375
Chickasaw296767
Clarke290694
Calhoun277945
Holmes266987
Smith262550
Yalobusha232647
Tallahatchie225251
Walthall217763
Greene215548
Lawrence211140
Perry204755
Amite203954
Webster201645
Noxubee185340
Montgomery179056
Jefferson Davis170642
Carroll167438
Tunica158639
Benton147438
Kemper141241
Choctaw133026
Claiborne131237
Humphreys129038
Franklin119128
Quitman106227
Wilkinson104539
Jefferson94234
Sharkey64020
Issaquena1937
Unassigned00

Alabama Coronavirus Cases

Cases: 813481

Reported Deaths: 15179
CountyCasesDeaths
Jefferson1139971910
Mobile722271323
Madison51970686
Shelby37279341
Baldwin37069540
Tuscaloosa34934599
Montgomery33953725
Lee23142240
Calhoun22142470
Morgan20639372
Etowah19758496
Marshall18245300
Houston17302405
St. Clair15912337
Cullman15306290
Limestone15202198
Elmore15075284
Lauderdale14143294
Talladega13715272
DeKalb12569259
Walker11085366
Blount10094174
Autauga9893146
Jackson9789180
Coffee9182189
Dale8859181
Colbert8789200
Tallapoosa7044195
Escambia6732127
Covington6682179
Chilton6587160
Russell625958
Franklin5930105
Chambers5559142
Marion4955126
Dallas4882199
Clarke472782
Pike4719105
Geneva4564126
Winston4473101
Lawrence4264117
Bibb421686
Barbour355475
Marengo334089
Monroe330262
Randolph327063
Butler324794
Pickens313882
Henry310965
Hale309187
Cherokee299957
Fayette290679
Washington250951
Cleburne246958
Crenshaw243575
Clay240367
Macon230562
Lamar215846
Conecuh185652
Coosa178538
Lowndes173761
Wilcox167438
Bullock151744
Perry138040
Sumter131038
Greene125544
Choctaw86927
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A cold front passing through our area overnight will bring into our area some of the coolest temperatures of the season so far. We will see most of the highs this weekend only in the upper 60s to lower 70s. While overnight lows will drop off down into the 40s Saturday night.
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