Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information
Our common equity consists of Class A common stock (“Common Stock”). Our Common Stock has traded on the New York Stock Exchange (the “NYSE”) since December 18, 2013 under the symbol “AMC”. There was no established public trading market for our Class B common stock and on February 1, 2021, all outstanding Class B common stock was converted to Common Stock, which resulted in the retirement of Class B common stock.
From August 22, 2022 until August 24, 2023, we also had outstanding depositary shares of Series A Convertible Participating Preferred Stock in the form of AMC Preferred Equity Units that traded on the NYSE under the symbol “APE”. On August 24, 2023, all outstanding AMC Preferred Equity Units were converted to Common Stock, which resulted in the retirement of the AMC Preferred Equity Units.
Holders of Shares
On February 21, 2024, approximately 1.8 million shares of our Common Stock were directly registered with our transfer agent by 15,110 shareholders. The balance of our outstanding Common Stock was held in “street name” through bank or brokerage accounts.
Dividend Policy
Since April 24, 2020, we have been prohibited from making dividend payments in accordance with the covenant suspension conditions in our Credit Agreement (as defined in Note 8 — Corporate Borrowings and Finance Lease Liabilities to the Consolidated Financial Statements included in Part II, Item 8 thereof). The payment of future dividends after expiration of our covenant suspension conditions (for further information see Note 8 — Corporate Borrowings and Finance Lease Liabilities to the Consolidated Financial Statements included in Part II, Item 8 on this Annual Report on Form 10-K) is subject to our Board of Directors’ discretion and dependent on many considerations, including limitations imposed by covenants in the agreements governing our indebtedness, operating results, capital requirements, strategic considerations and other factors.
We will only be able to pay dividends from our available cash on hand and funds received from our subsidiaries. Their ability to make any payments to us will depend upon many factors, including our operating results, cash flows and the terms of the Credit Agreement and the indentures governing our debt securities. The declaration and payment of any future dividends will be at the sole discretion of our Board of Directors after taking into account various factors, including legal requirements, our subsidiaries’ ability to make payments to us, our financial condition, operating results, cash flow from operating activities, available cash and current and anticipated cash needs. See the Liquidity and Capital Resources section of Item 7 of Part II thereof for further information regarding the dividend restrictions.
Securities Authorized for Issuance Under Equity Compensation Plans
See Item 12 of Part III of this Annual Report on Form 10-K.
Unregistered Sales of Equity Securities and Use of Proceeds
Sale of Unregistered Securities
Except as reported Item 3.02 of in our Current Reports on Form 8-K filed with the SEC on February 9, 2023 (as amended by the Form 8-K filed on February 13, 2023 ), August 14, 2023 , December 12, 2023 , December 15, 2023 , December 19, 2023 , December 22, 2023 and January 2, 2024 , all of which are incorporated by reference into this Annual Report on Form 10-K, there were no sales of unregistered securities during the fiscal year ended December 31, 2023.
Issuer Purchase of Equity Securities
None.
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Performance Graph
The following stock price performance graph should not be deemed incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Exchange Act of 1934 (the “Exchange Act”) or the Securities Act of 1933 (the “Securities Act”), as amended, except to the extent that we specifically incorporate this information by reference and shall not otherwise be deemed filed under such acts.
The following stock performance graph compares, for the period December 31, 2018 through December 31, 2023, the cumulative total stockholder returns for AMC’s Common Stock, the Standard & Poor’s Corporation Composite 500 Index and a self-determined peer group consisting of Cinemark Holdings, Inc. (CNK) and IMAX Corporation (IMAX). Measurement points are the last trading day for each month ended December 31, 2018 through December 31, 2023. The graph assumes that $100.00 was invested on December 31, 2018 in our Common Stock and in our peer group and in the Standard & Poor’s Corporation Composite 500 Index and assumes reinvestment of any dividends.
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The stock price performance below is not necessarily indicative of future stock price performance.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among AMC Entertainment Holdings, Inc., the S&P 500 Index, and a Peer Group
*$100 invested on December 31, 2018 in stock or in index, including reinvestment of dividends. Historical AMC share prices were adjusted by Refinitiv to reflect the impact of the Special Dividend paid on August 19, 2022 and the reverse stock split on August 24, 2023. Fiscal year ended December 31.
12/18
3/19
6/19
9/19
12/19
AMC Entertainment Holdings, Inc.
100.00
123.60
80.01
94.35
66.38
S&P 500
100.00
113.65
118.54
120.55
131.49
Peer Group
100.00
114.43
103.71
112.15
100.41
3/20
6/20
9/20
12/20
AMC Entertainment Holdings, Inc.
29.29
39.76
43.65
19.65
S&P 500
105.72
127.44
138.81
155.68
Peer Group
34.00
39.67
36.96
61.10
3/21
6/21
9/21
12/21
AMC Entertainment Holdings, Inc.
94.62
525.29
352.73
252.08
S&P 500
165.29
179.42
180.47
200.37
Peer Group
70.45
75.63
66.38
57.89
3/22
6/22
9/22
12/22
AMC Entertainment Holdings, Inc.
228.35
125.58
105.15
61.40
S&P 500
191.15
160.38
152.55
164.08
Peer Group
61.84
54.24
44.29
36.70
3/23
6/23
9/23
12/23
AMC Entertainment Holdings, Inc.
66.69
58.57
12.05
9.23
S&P 500
176.38
191.80
185.52
207.21
Peer Group
56.22
57.96
64.92
50.05
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Item 6. [Reserved].
Not applicable