Throughout my long career, I have successfully led many prominent companies and am proud of my impeccable reputation. In recent years, AMC's millions of retail shareholders have played a central role in my life. Your passion for our company is one of my key motivators in doing all I can to help AMC survive so that eventually we can thrive.
Because you are so important to me, there is a matter I want to share with you.
By definition, I live my life in the public eye. Unfortunately, last year I became the victim of an elaborate criminal extortion by a third party who was unknown to me related to false allegations about my personal life. Rather than give in to blackmail, I personally engaged counsel and other professional advisors and reported the matter to law enforcement. I did so knowing I risked personal embarrassment. But with my access to resources, if I did not stand up against blackmail, who could?
A vigorous federal criminal investigation ensued which resulted in the extortionist being arrested, convicted of a felony, and spending nearly a year in jail. At the time of the arrest, the U.S. Attorney for the Southern District of New York commended my having reported the matter to the FBI and the U.S. Department of Justice.
This was entirely a personal matter.
I was asked by law enforcement to keep this matter confidential during their investigation and subsequent court case. Shortly after the extortionist's July 2023 sentencing, I informed AMC's Board of Directors which thoroughly reviewed these events with independent outside counsel at WilmerHale. As I said above, this indeed was entirely a personal matter, and the matter is closed.
And now, I am reporting this to all of you.
I could not end this message without again thanking you for your support -- as well as emphasizing my extreme gratitude to the U.S. Attorney’s Office for the Southern District of New York and to the FBI for their diligent, skillful, and professional handling of this unfortunate matter.
I am delighted to share this extremely important news with all of you. AMC has successfully raised $325 million of new equity capital through the issuance of 40 million shares via our at-the-market equity raise, which started September 6 and which now has been completed.This material increase to our cash position means that any talk of immediate and imminent financial collapse right now by AMC is moot.
We still have many challenges, including Hollywood must resolve the current actors and writers strikes. But regardless, AMC is now a much stronger company given our increased level of cash.
Like you, the coming together of AMC common and preferred stock along with the reverse stock split in August decreased both my number of owned and granted-but-unvested AMC shares/units. So, I currently have an economic interest in more than 800,000 AMC shares now, rather than the more than 8 million AMC shares and APE units previously.
In turn, that means I personally experienced the great pain felt by all AMC shareholders at the recent decline in our stock price.
Looking though to our clearly having extended AMC's viability, it is comforting to know that AMC has strengthened our company by so significantly increasing our cash on hand.
AMC's millions of shareholders are going to find the new movie Dumb Money opening September 15 to be utterly fascinating. Sony and Columbia Pictures have set out to showcase the increasing stature and power of the retail investor -- through the lens of the extraordinary trading of GameStop stock back in 2021.
Through good times and tough times, AMC Entertainment has been on a journey together with retail these past several years. Sometimes glad, sometimes mad, your enthusiasm and passion should never be underestimated. The rise of retail -- the democratization of Wall Street -- is a story for the ages.
It amazing how many trolls come out to tell us we are bag holders. Honestly no other stock gets this. I hate to point this out to them but #AMC shareholders might be the only ones not holding the bag when this whole thing blows up. The bank and financial system is on a speeding train that is about to crash.
💥Why are they attacking the CEO?
It’s the shorts that are manipulating the damn stock not the man who brought multiple avenues of making money for $AMC
💥Ask yourself why that is their “Narrative” now!💥
💥It’s to cause division
💥I know what I hold
💥My conviction is mine and cannot be swayed
#FockTheShorts #AMCNotFockingLeaving
Jason Blum of @blumhouse is one of the smartest and nicest execs in Hollywood. Our friends @UniversalPics invested heavily in his Exorcist franchise. So @AMCTheatres will lean in to greatly support The Exorcist: Believer on its new release date of October 6. #TaylorandJasonWin
Taylor, Taylor, Taylor. Record-setting Taylor Swift. Great seats available October 13 through mid-November. And all are reasonably priced at $19.89 for adults, $13.13 for children/seniors (plus tax). Get your tickets now: https://t.co/VjpydLP9qi
Google searches for “AMC Theatres” spiked by 1,566% in the U.S. following Taylor Swift’s announcement of ‘The Eras Tour’ concert film.
🔗: https://t.co/Va65s5GYBV
#TaylorShiftAtAmc
💥 Selling Out Fast💥
Adam Aron made a genius move to have other theaters able to show it as well and collect a cut!
#CHECKMATE#TickTock