A unique voice in the retail investing community is working to gain a spot on AMC Entertainment’s (NYSE:AMC) board.
Earlier this week, Jason Iannantuoni uploaded a video to his YouTube channel announcing that he plans on running for a seat on the board and asking other retail investors to support him. In the video, Iannantuoni makes it clear that he is running to represent the interests of retail investors, describing himself as an “AMC ape” and promising “I will be fighting for all of you every day.” The host of the popular YouTube channel Stocks and crypto plays, Iannantuoni frequently makes videos discussing AMC stock and offering his take on what investors should do. He voiced criticism of the recent reverse stock split, warning that it could have severe consequences.
An AMC Stock Ape on the Company’s Board?
Iannantuoni has made it clear that he intends to fight for the board seat he’s seeking. Yesterday, he posted another video to his YouTube channel, advertising a call to action for AMC investors to help secure him a spot on the ballot.
In an attempt to demonstrate this further, Iannantuoni has launched an online petition to show how many retail investors are in his corner. On Change.org he makes a case for why retail investor representation on the company’s board is needed. As he states:
“AMC recently effected a 10 for 1 stock conversion and reverse split. Retail investors lost 90% of their shares and nearly 90% of its value contrary to management’s expectations. Retail investors warned management that the exact situation would occur, and alas their worst fears occurred. This could have been avoided had someone on the board who is personally invested in AMC sat on the board to represent the interest of retail shareholders.”
As of this writing, the petition has 297 signatures out of its goal of 500. Fifty-nine people have already signed it today. In addition, many viewers have expressed their support for Iannantuoni’s campaign by commenting on his videos.
According to a member of the AMC community, Iannantuoni has reached out to the company about submitting his nomination. However, he notes that AMC’s Investor Relations department has yet to acknowledge the email.
What Comes Next
It is clear that retail investors who hold AMC stock believe that they need proper representation.
For that reason, Iannantuoni could have a shot at winning if he can successfully make it onto the ballot. If that happens, it could set a new precedent for retail investors taking a more active role in the companies they have chosen to throw their weight behind. Iannantuoni clearly sees potential for AMC stock. As of now, the company has issued no statement regarding his candidacy, nor has CEO Adam Aron.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
