AMC Entertainment has taken a big step forward in on a few key fronts, announcing a settlement in a shareholder lawsuit that would allow it to issues stock, raise capital, eliminate its APE units and go ahead with a ten-for-one reverse stock split
Shareholders had approved the much-needed measures at a special meeting last month but not before a few of them sued the company in Delaware Chancery Court to block the move.
But the giant exhibitor said today in an SEC filing tht it had entered into a binding settlement that would see the suit dropped in exchange for about 6.9 million shares, or 4.4% of the company’s outstanding common stock pro forma.Shares of AMC fell and the price of the AMC Preferred Equity units rose on the news.
AMC shareholders voted in March specifically on two proposals: one calls for a increase in authorized common shares from 524 million to 550 million, the second for a ten-for-one reverse stock split. If both pass, holders can convert their APEs into common shares.
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