It's a symbolic move, with no financial ramifications, but is a signal that some investors aren't satisfied with the current compensation structure.
Since the vote is non-binding, there’s no financial ramifications to the move by shareholders, but it’s a signal to the theater chain’s leadership that some investors weren’t satisfied with the compensation structure. The votes were taken at AMC annual meeting June 16, with the results being disclosed Friday.
Thanks to retail investor interest, AMC joined retailer GameStop as a memestock in 2021, with its share price hitting a high of 59.26 on June 18 of last year. That helped prop up the exhibitor, the world’s largest, which owns or operates 950 theaters and more than 10,000 screens globally. AMC then went on an acquisition spree, acquiring four former Pacific and Arclight theaters and seven theater locations from Bow Tie Cinemas, among other deals. The theater chain branched out into the retail popcorn business, selling “AMC Theatres Perfectly Popcorn” in select mall locations.
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