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Wanda Group Sells Off Most AMC Entertainment Shares; Ends Pandemic Era With A Miniscule 0.002% Stake
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deadline.comAMC Entertainment’s onetime owner, China’s Dalian Wanda Group, has pretty much cashed out completely from the theater chain, revealing in an SEC filing Friday that it has pared its stake to a barely there 0.002%.Wanda first acquired AMC’s super-voting Class B stock – with three votes a share – in 2012, making it the controlling stakeholder as long as its economic interest stayed above 30%.
But during the chain’s pandemic-induced swoon Wanda converted its B shares to regular Class A, with one vote each. New shares AMC issued to raise funds diluted Wanda’s stake to well below that 30% threshold.In March, Aron confirmed the Wanda era was over although the company continued to be AMC largest single largest shareholder then.
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