AMC Entertainment Holdings Inc, the movie theater operator that became a “meme stock” during the COVID-19 pandemic, has come up with an unusual way to win shareholder approval for stock sales that would raise cash, according to a regulatory filing and six corporate finance experts who reviewed it.
Now, AMC is asking shareholders for authorization to further increase its common stock count tenfold. Instead of putting this to shareholders in a standalone vote for approval, it has bundled it with a separate proposal popular among investors to convert its deeply discounted preferred stock into common stock, a regulatory filing published by AMC on Jan. 27 shows.
It was unclear how AMC shareholders will react on the bundling of the two issues into one vote, which is scheduled for March 14. Its debt pile had swollen to $5.4 billion as of the end of September, while its obligations on rent payments were worth $4.8 billion over the remainder of its leases. It only had cash in hand of $685 million as of the end of September.
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