The most important roundup of news for AMC June 11 2021
- VERY INTERESTING: Apparently, a company is not allowed (p. 56) to report more votes/shares than it has issued! That could be why Aron has not done so. Legally, AMC can’t report any votes/shares over 100%, unless Aron hires an auditor to fix it and report the overage on an 8-K. Is that move already in progress? I don’t know. That’s literally the “$1,000,000 question.”
According to the Securities Industry Association, in an April 2005 letter to the NYSE, they detailed the system of pro rating the votes based on the number received according to the number eligible. If a broker receives 20 percent more votes than it has aggregated shares for, then it simply reduces the vote totals in each category by 20 percent. It is a simple system, but one that offers the potential of throwing out legitimate votes while retaining illegitimate votes. It also offers the potential for allowing the same share to be voted multiple times.
- On Fox Business, Charles Payne and Lisa Braganca (former SEC lawyer) expose the antiquated SEC rules and lack of rule enforcement that enable hedge funds to engage in illegal trading practices behind closed doors. It has created a blatantly unfair market for retail investors. They address the need for more transparency at the DTCC.
- Great day! AMC reached a high of $49.60 in the regular session, closing the day at $49.40 (+15.39%). Is it Monday yet?
- An additional 90,008 call option contracts finished ITM at the $45-level, meaning that hedge funds must purchase an additional 9,000,800 shares!
- The Federal Reserve schedules an emergency, closed-door meeting under “expedited procedures” for June 15 (Tues). Hmmm . . . .
- A Quiet Place 2 set a pandemic-era record by becoming the first movie to earn over $100,000,000. What’s even more impressive is that it reached the $100M-mark at a pre-pandemic pace.