Approval of the company’s revised stock-conversion plan marks a “significant milestone” for the company, AMC CEO Adam Aron said.
AMC’s revised stock-conversion plan was approved by the Delaware Chancery Court Friday, marking what CEO Adam Aron described as a “significant milestone” in a letter to investors Monday.
“Knowing that we can do our best for AMC to smartly raise capital is a terrific relief,” Aron said. The CEO has repeatedly warned that AMC faces liquidity challenges. By proceeding with its stock-conversion plan, AMC will be more resilient and will also eliminate the capital-raising inefficiencies of APE units trading at a significant discount to AMC shares, Aron said in his letter Monday.The resolution of AMC’s court case removes “a significant overhang” for the company, Wedbush analyst Alicia Reese wrote in a note released Monday. “We expect AMC and APE shares to converge around $3 into the conversion ,” she said.
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