Why AMC Entertainment Is Trading Higher Today

AMC Entertainment Holdings Inc AMC is trading higher after the company said it no longer plans a vote on its previously announced 25-million-share offering. 

What Happened: AMC Entertainment announced June 4 it planned to offer an additional 25 million shares for sale. The vote seeking shareholder approval was set to take place during the company's annual meeting of stockholders on July 29. 

AMC Entertainment CEO Adam Aron took to Twitter to address the retail investor community directly. 

"It’s no secret I think shareholders should authorize 25 million more AMC shares. But what YOU think is important to us," Aron said.

Of course, voting on the other 4 issues requiring approval at the July 29 annual AMC shareholder meeting will continue on schedule. But proposal 1 is hereby officially tabled. There will be no voting before 2022 on more shares. 2 of 2 pic.twitter.com/1fBya4sjJc

— Adam Aron (@CEOAdam) July 6, 2021

Related Link: AMC, Didi, AMD — 3 Stocks To Watch Today Based On High Retail-Investor Interest

AMC Price Action: AMC Entertainment has traded as high as $72.62 and as low as $1.91 over a 52-week period.

At last check Tuesday, the stock was up 3.56% at $53.81.

Photo by Paul Sableman from Flickr.