AMC Entertainment Holdings (NYSE: AMC) no longer has a controlling shareholder. As of March 3, Chinese conglomerate Dailin Wanda Group reduced its stake in the theater operator from almost 38% of outstanding shares (giving it 64.5% of the voting power) to under 10%. That means AMC will be run just like other publicly traded companies that have a number of shareholder owners. The theater owner's stock was up about 10% in premarket trading Monday. Image source: Getty Images. AMC CEO Adam Aron told analysts on the theater operator's fourth-quarter earnings call last Wednesday that Wanda had converted its Class B common stock into Class A common stock. While its new 9.8% ownership interest in AMC still makes Wanda the largest shareholder, the conversion means it no longer has sway over business decisions. As Aron detailed during the call, the Class B shares had a super voting feature that gave Wanda three votes for every share owned, but only so long as Wanda continued to own 30% or more of AMC's outstanding shares. In attempting to raise cash to remain afloat during the COVID-19 pandemic, AMC conducted several at-the-market equity offerings, which is where an agent sells stock on behalf of the issuer at prevailing prices directly into the market. The offerings served to dramatically dilute Wanda's controlling interest far below the 30% threshold. That was when Wanda began converting its Class B shares into Class A stock, which carry a single vote per share. Aron noted, "With no controlling shareholder in place, now, AMC will be governed, just as most other publicly traded companies, with a wide array of shareholders." Wanda, however, still has two seats on AMC Entertainment's board of directors. 10 stocks we like better than AMC Entertainment HoldingsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and AMC Entertainment Holdings wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source