Adam Aron “Relaxed & Confident” About AMC’s Future; Unveils Branded AMC Entertainment Visa Card – CinemaCon
deadline.comAMC Entertainment chief executive Adam Aron said a booming box office and sharp pivot to theatrical by studios and streamers makes him “as relaxed and confident about AMC future as I possibly can be.” Speaking with Deadline at CinemaCon in Las Vegas on Tuesday, Aron indicated the icing on the cake would be a judge’s approval of the settlement of a shareholder lawsuit this summer, paving the way for the giant circuit to raise as much cash as it needs, if it needs, and boost its share price in a 10-for-1 reverse stock split.
AMC shareholders overwhelmingly approved plans for the reverse split, a conversion of APE (AMC Preferred Equity) securities into AMC common stock and authorization to issue new shares.
It’s not able to sell much stock now in the case of another dip, which is why Aron has said the exhibitor isn’t out of the woods.
A few shareholders sued to block the moves, but then settled with AMC. A Delaware Chancery Court judge needs to approve the settlement and said today she wants to give time for comments, citing heavy investor interest in the case.
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