AMC’s All-In Embrace of Retail Mob Good for Another Huge Rally
June 2, 2021
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0:52Now PlayingAMC’s All-In Embrace of Retail Mob Good for Another Huge Rally
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as posted by the channelOn Wednesday, the movie-theater chain announced that it would reward small-time investors, who have been instrumental in AMC’s wild, logic-defying 1,400% share rally this year, with goodies such as special screenings and free popcorn. It comes a day after AMC took advantage of those meteoric gains to raise $230 million directly from one of its main creditors, Mudrick Capital Management, and shore up its finances.
While Mudrick quickly dumped its entire stake for a tidy profit and called the company massively overvalued, the Reddit retail-trading crowd was having none of it. Buoyed by AMC’s public embrace, the shares soared 18% to an intraday record in early trading on Wednesday after jumping 23% the day before. The gains pushed AMC’s market value to over $18 billion, surpassing GameStop.
“Many of our investors have demonstrated support and confidence in AMC...After all, these people are the owners of AMC, and I work for them,” Adam Aron, AMC’s chief executive officer, said in a statement Wednesday.
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