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AMC Entertainment CEO Adam Aron said the booming box office and the rapid shift of studios and streaming companies to theaters made him “as relaxed and confident about AMC’s future as possible.”
talk to deadlines Film Festival In Las Vegas on Tuesday, Aron said the icing on the cake would be the judge approving Resolution of Shareholder Litigation This summer, pave the way for the Giants Tour to raise as much cash as possible (if needed) and boost its stock price with a 10-for-1 reverse stock split.
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AMC shareholders overwhelmingly approved the reverse split plan, converting the APE (AMC Preferred Stock) securities into AMC common stock and authorizing the issuance of new shares. With another dip, it can’t sell much inventory now, which is why Aron said exhibitors aren’t out of the woods yet. Some shareholders sued to block the move, but then settled with AMC.
A Delaware Chancery Court judge who needs to approve the settlement said today she would like time to comment, citing investor interest in the case. She tentatively set a hearing date for late June.
“Plaintiffs support this settlement. We favor this settlement,” he said. “After we have the ability to implement a shareholder vote, I will be more confident,” he added. “It’s very important that you have the flexibility to raise money if you need it. Whether we need it depends on … the box office this year.” He thinks it will be more than $9 billion.
related: CinemaCon 2023 – Full coverage of Deadline
So far so good – it’s going up. “I believe we’re on the slope. And I’m sure 23 is going to be bigger than 22. And I’m expecting 24 to be bigger than 23. And I’ve said publicly that I think in 2024-2025, big Pandemics are going to be an old memory.” He called Covid “a five-year detour for the industry. We just finished our third year.”
If AMC’s plan is approved and executed, “our stock price should go up tenfold. Then, after the stock price goes up tenfold, we’ll have the ability to sell as many as 408 million more shares. And then you’re talking about you can raise 100 billion to $12 billion.”
At the same time, he said, “I want to pay homage to the fact that, you know, 70 movies came out last year, and this year there’s going to be 100, 110 movies, and probably even more than last year. 2024 ,”He said.and “I’m encouraged and grateful for their [studios] What’s being done now is exactly what we asked for a year ago, which is to have some kind of dramatic window, because there’s almost a consensus around the 45-day window. There are so many examples of smart movies that weren’t even going to be released in theaters that they’ve been on the theater calendar for the past 90 days. “
He said he never saw flash And yet — and he’ll be at the screening later today — but he likes everything that’s been highlighted so far at the annual trade show. Warner Bros. ‘ Presentation meeting it was this morning, last night at sony.
He’s also “very excited to be able to watch Apple Movies and Amazon Movies in our theaters.”
Asked why he didn’t think Netflix joined the other two streamers on the big screen, he said: “I have some strong opinions about what they’re doing and why they’re doing it. But I’d rather not share it.”
He also declined to comment on the potential impact of a potential writers strike on AMC or the show, or to weigh the Continued bankruptcy of rival Cineworld, rich parents. Asked about adding locations for AMC, he said, “We’re always looking for attractive theaters to add to our network.”
Aron is also gradually diversifying, launching AMC Brand Popcorn Roll out to thousands of Walmarts. Today, the chain announced the launch of the AMC Entertainment Visa Card, which offers points to be used by members of its AMC Stubs loyalty program. AMC’s website has an “Apply Now” button.
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