Retail shareholder Jason Iannantuoni campaigns for Retail Investors Favorite Cinema Chain Board of Directors nomination
Coalition of Shareholders demand retail representation in historic and unprecedented moment in the clash between Main Street and Wall Street that will alter the landscape of Corporate America
Over 750 retail shareholders have signed Iannantuoni’s nomination petition on change.org as Iannantuoni retains legal counsel in the event litigation will be necessary to ensure his name appears on the proxy ballots as cinema chain Investor relation remain radio silent to his inquiries.
Retail Investors Favorite Cinema Chain stock plummeted from a high of $52.80 to an all-time low of $10.72 in its 103-year history after a reverse stock split resulting from an unprecedented breach of fiduciary duties settlement approved by the Delaware Chancellery Court
Retail Investors Favorite Cinema Chain current Board of Directors are tone deaf to retail shareholders demands that action be taken regarding the market manipulation of its stock.
LEAWOOD, Kan. Retail Investors Favorite Cinema Chain, the largest theatrical exhibitor in the United States and the world, will hold its 2023 Annual Shareholder Meeting on November 8, 2023 as its stock collapsed from a high of $52.80 to an all-time low of $10.72 in under three weeks in its 103 years of history after a controversial “illegitimate” corporate reorganization opposed by retail shareholders that resulted in 10-for-1 reverse stock split in an unprecedented breach of fiduciary duties settlement approved by the Delaware Chancellery Court.
“Retail Investors Favorite Cinema Chain with its investment banker Derek Van Zandt of Citigroup and hedge fund manager Himanshu Gulati of Antara Capital engineered a financial plan, code named Project Popcorn, to circumvent retail shareholders’ opposition to further share dilution after heroically saving Retail Investors Favorite Cinema Chain from certain bankruptcy in 2021 as a horde of barbaric short selling bears breached its gate” stated retail activist shareholder Jason Iannantuoni who announced his campaign to run for nomination onto Retail Investors Favorite Cinema Chain Board of Directors adding that “90% of our shares were annexed and nearly 90% of its value was lost. For over seven months, retail shareholders opposing the corporate reorganization warned of that exact scenario. Retail Investors Favorite Cinema Chain lost over $5 billion dollars in market capitalization and remains on the NYSE’s threshold securities list after 50 days exceeding the maximum of 13 days even as over 100 million newly converted Retail Investors Favorite Cinema Chain shares are introduced to the float.”
Iannantuoni, fighting for retail representation, launched a nomination petition that garnered over 750 signatures of Retail Investors shareholders under the #WeMakeCinamaBetter campaign in reference to the over 3.8 million passionate retail shareholders that support the company. He will formally present his petition in public to the Cinema chain Corporate Secretary on September 9, 2023 and urges supporters to sign the petition. He stated that “3.8 million retail shareholders control over 80% of the company’s outstanding float, therefore, it is only logical that retail be represented in the board” adding that the Cinema chain Investor Relations has been radio silent for the past week in acknowledging his desire to run and has retained legal counsel in the event civil litigation is necessary to get his name on the ballot.
“Retail Investors Favorite Cinema Chain Board of Directors is “illegally” occupied by tone deaf directors that do not have the retail shareholder’s interest at heart” according to Iannantuoni as retail shareholders have pleaded with management for years to publicly address market manipulation of its stock. “It is high time for a historic revolution in the Boardrooms of Corporate America as Main Street clashes with Wall Street for the soul of our nation.” Iannantuoni added that he will hold market manipulators accountable if elected and order a genuine share count as retail have demanded for years adding that “management has denied the existence of illegal naked short selling but with cost-to-borrow over 1000%, historic levels of fail-to-delivers (FTD), being on the threshold list multiple times this year, it cannot be a coincidence. Our CEO lied to us. He said the FTDs would disappear once reorganization occurred, it did not, he said we would lose no value, we did.”
CEO Adam Aron stated that “Some misunderstand the 1-for-10 reverse stock split, approved by 87% of March 14 votes, saying we are “stealing 90%” of “your” shares. “You” forget that the share price rises 10-fold at that time. EXACTLY the same as trading ten $1 bills for one $10 bill. Either way, “you” have $10″ to which Iannantuoni responded that “such paternalistic mentality has no place on our board, we as shareholders understand the risk of investing and know what is best for us. In the end, what we traded was ten $1 bills for one $1 bill.”
According to a recent Retail Investors Favorite Cinema Chain SEC Form 8K filing, shareholders whose shares are settled in their name by September 25, 2023 retain the right to vote. Iannantuoni reminds shareholders that may not be aware their shares are on loan to verify with their broker-dealer to ensure their shares are recalled on time which can take up to 10 business days. They can support his nomination by signing the petition at https://www.change.org
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Source: #Retail Shareholders Coalition
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