AMC asking shareholders to approve up to 500 million shares, CEO says
Adam Aron discusses theaters reopening after the pandemic and theater chain’s partnership with Disney.
Movie theater chain AMC is celebrating coming through the coronavirus pandemic after nearly losing everything.
CEO Adam Aron told FOX Business Network's “The Claman Countdown” Monday that the company has asked its shareholders to approve up to 500 million shares, even though there is no intention of using them all at this time.
ARON: “When I look back over this pandemic, the thing that I’m most proud of is that AMC survived. There are a lot of people who wrote our company off. We raised almost $4 billion in debt, equity and concessions from lenders and theater landlords. And we’ve asked our shareholders to approve up to another 500 million shares, not that we would use any amount like that any time soon. But we’re going to make sure – AMC was a very successful company for 100 years – we’re going to make sure that AMC theaters is around and is a very successful company for the next 100 years …
“When ‘Godzilla vs. Kong’ opened Wednesday of last week, our business at AMC was five times, quintuple, what we’ve done in all the weekends before that … And we take that as a very good sign, we think that’s a combination of new movie titles coming out and vaccinations, and let us not underestimate how vaccinations are changing the psyche of American consumers."
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