CEO says AMC ‘APE’ conversion approved by shareholders

AMC Entertainment’s shareholders voted in favor of increasing the company’s stock authorization and converting AMC Preferred Equity Units into AMC common shares. AMC’s CEO Adam Aron said in a series of tweets that, "Today was a huge step forward for AMC. You voted YES, YES & YES! And it was a landslide vote too – 88% yes for Proposal 1, 87% yes for Proposal 2, and 87% yes for Proposal 3. My sincerest thanks for giving AMC the tools we need to continue fighting the good fight on your behalf. Saving AMC is my professional mission. And remember that I own millions of AMC shares and APE units too. So, I very much want for AMC to succeed. I am absolutely and passionately convinced that what you approved today is in the best interests of AMC and of all our shareholders. So what happens now? We cannot implement what you approved today until the litigation in Delaware courts is resolved. The next Court hearing on this matter is set for April 27, 2023. We will update stockholders when we have additional information." Shares of AMC have dropped over 16% to $4.58 in Tuesday trading. Reference Link