Today’s lawsuit has kept the company from splitting as well as from converting its APE shares into common stock.
Still, there are several shareholders who oppose AMC’s reverse split, primarily because of its dilutive nature as seen with Mullen Automotive and Vinco Ventures.
“Assuming that the judge approves the settlement, which sometime in the next I wouldn’t say days or weeks but probably months, 2, 3, 4, months, then we can actually implement your suggestions.
And when we do that, I said there was one caveat right, the caveat is we need this judge to approve the settlement.
But when she does, if she does, but when she does, I hope she does, that means that I know in my heart of hearts for the first time in three years I can relax; because I will know then that we made it.
Because no matter what the world throws at us, Bubonic Plague, Dengue Fever, whatever the world throws at us, we’ll be able to raise the money we need to survive it,” said Adam Aron at a showing.
More than 87% of shareholders approved the dilutive proposals; however, the process is momentarily on hold.
2nd AMC Lawsuit Update
The lawsuit in Delaware’s Chancery Court seeks an order compelling the company to hold its first general shareholder meeting and board election in about 13 months.
Two board members appointed as replacements in January are overdue to face an initial investor vote, according to the complaint filed says Bloomberg Law.
The new AMC lawsuit was filed by Kevin Barnes, who’s allegedly a record holder of 111 Class A shares and the same number of APEs.
However, the SEC states that the Proponent does not meet the shareholder requirements to submit a proposal for an annual or special meeting.
Rule 14a-8(f) provides that a company may exclude a stockholder proposal if the proponent fails to provide evidence of eligibility under Rule 14a-8, including the Ownership Requirements of Rule 14a-8(b).
The DRS Statement provided by the Proponent lists 11 shares of Common Stock (at a value of $69.96) and 111 APEs (at a value of $210.90) as of October 17, 2022, thereby failing to provide proof of any of the requisite Ownership Requirements.“
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