The deal would provide holders of AMC common stock with shares worth an estimated $129 million to resolve allegations the company rigged a shareholder vote against them.
More than 2,800 people objected to the settlement, which requires approval by Delaware Vice Chancellor Morgan Zurn to move forward.
Rose Izzo, a Delaware resident who first invested in AMC in 2021, objected to the deal.
The company's answer was to create preferred stock, which has traded at a steep discount to AMC's common stock.
In February, AMC proposed a vote that would allow it to convert preferred stock to common stock and issue hundreds of millions of new shares.
Persons:
Chancellor Morgan Zurn, Rose Izzo, Theodore Kittila, Mark Lebovitch, Lebovitch, Jody Godoy, Matthew Lewis
Organizations:
AMC Entertainment Holdings, AMC, Delaware, GameStop, AMC Entertainment Holdings Inc, Thomson
Locations:
Delaware, Pennsylvania, New York