AMC says it won’t seek shareholders approval to boost shares outstanding
[AMC says won't seek shareholders approval to boost shares outstanding (cnbc.com)](https://www.cnbc.com/2021/07/06/amc-says-wont-seek-shareholders-approval-to-boost-shares-outstanding.html)
**PUBLISHED TUE, JUL 6 20218:21 AM EDT**
[**Lauren Thomas**](https://www.cnbc.com/lauren-thomas/)[**@LAURENTHOMAS**](https://twitter.com/laurenthomas)
**In this article** [**AMC+1.74** **(+3.35%)**](https://www.cnbc.com/quotes/AMC)
[AMC Entertainment](https://www.cnbc.com/quotes/AMC) said Tuesday that it has tabled a proposal that would have asked its shareholders to allow the movie theater chain to issue up to 25 million more shares.
In a filing with the Securities and Exchange Commission, the company said the proposal has been withdrawn from an agenda for its upcoming annual meeting of stockholders.
AMC shares jumped nearly 4% in premarket trading on the news.
Chief Executive Officer Adam Aron also announced the news on Twitter, saying: “It’s no secret I think shareholders should authorize 25 million more AMC shares. But what YOU think is important to us. Many yes, many no. AMC does not want to proceed with such a split.”
In recent weeks, the company has been caught up in a trading frenzy among retail investors that use platforms like Reddit to boost their stock picks.
AMC shares are up more than 2,350% year to date.
*This story is breaking news. Please check back for updates.*
https://www.reddit.com/r/StockMarket/comments/oeu72v/amc_says_it_wont_seek_shareholders_approval_to/
