AMC’s All-In Embrace of Retail Mob Good for Another Huge Rally

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  • Bloomberg Quicktake: Now published this video item, entitled “AMC’s All-In Embrace of Retail Mob Good for Another Huge Rally” – below is their description.

    On 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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