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A moviegoer enters the AMC Lincoln Square 13 movie theater on March 05, 2021 in New York City.
The company will instead issue a new at-the-market stock offering for 43 million shares, as it continues to face pandemic headwinds.
AMC Theatres is backing away from its plan to authorize 500 million new shares of the company s stock.
AMC had sought shareholder approval for the plan, which would have nearly doubled the total number of shares on the market if all 500 million were issued.
In an SEC filing Tuesday, the company said that upon review and careful consideration with further discussions with management and its advisors, it was withdrawing the proposal.
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The U.S. film exhibition industry absorbed a major loss as the privately-held Decurion Corporation announced the closure of its Arclight Cinemas and Pacific Theatres chains.
What Happened: The two chains have been shuttered since the COVID-19 pandemic took root in March 2020. In a statement, the company announced operations will not be revived.
“This was not the outcome anyone wanted, but despite a huge effort that exhausted all potential options, the company does not have a viable way forward,” the company said.
The Pacific Theatres and Arclight brands consisted of more than 300 screens in California, most notably the iconic Cinerama Dome, a geodesic dome theater built in 1963 to accommodate the premiere of the slapstick epic “It’s a Mad, Mad, Mad, Mad World” and featured in many notable films, most recently Quentin Tarantino s Once Upon a Time in Hollywood. The chains also operated venues in Boston, Chicago and the Washington, D.C., metro area.
Wanda Sold $220 Million of AMC Theatres Stock Amid Reddit Surge
Wanda America Entertainment on Friday revealed its stake in cinema chain dropped from 9.8% to 6.8%Diane Haithman | April 9, 2021 @ 11:15 AM Last Updated: April 9, 2021 @ 11:37 AM
AMC Theatres
Wanda America Entertainment (WAE), the U.S.-based division of China’s Wanda Group, sold 15.6 million shares of AMC Theatre stock for around $220 million amid a stock surge in social news aggregator Reddit, according to a Friday SEC filing.
WAE revealed in the filing that the sale brings its stake in the cinema chain down from 9.8% to 6.8%
In March, Chinese conglomerate Wanda said in an SEC filing that it had given up its majority stake in the theater chain AMC Entertainment, operating as AMC Theatres, bringing their ownership down to 9.8%. It had cut 23% of the company’s outstanding common stock and 47.3% of the combined voting power back on Dec. 31.