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☆ Meme investors could spoil AMC’s next act
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

AMC is already fighting another lawsuit over its attempt to convert preferred stock into common shares, a novel scheme to avoid getting investors’ approval for share sales. It fits with other forays since AMC became a retail-favorite meme stock – like buying into a gold miner – that seem to disregard conventional governance niceties. Attracting a rush of retail traders means there are plenty of investors to call foul. If their push against the preferred stock gambit succeeds, AMC could struggle to raise new funds, which bodes poorly for repaying its $5 billion in debt. It turns out that, for a meme stock’s final act, the audience starts throwing tomatoes.

Persons: Adam Aron, Kevin Barnes, Barnes ’, Anita Ramaswamy, Xavier Niel’s, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, AMC, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson

☆ AMC earnings a hit on Wall Street as 'Ant-Man' attracts more moviegoers
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat Wall Street estimates for first-quarter revenue on Friday, as a string of hit films including the latest installment of Marvel's "Ant-Man" drove more moviegoers to theaters. Shares of the Leawood, Kansas-based company, which operates over 900 theaters globally, rose nearly 4% in trading before the bell. AMC has been trying different combinations to attract audiences to its theaters, including options where moviegoers can choose different seating options to meet their viewing preferences. Revenue for the quarter was $954.4 million, compared with analysts' expectation of $948.5 million, according to Refinitiv IBES data. Reporting by Tiyashi Datta and Yamini Kalia in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Robinhood mistakenly told its users that AMC had filed for bankruptcy
▼ + stars: | 2023-05-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Robinhood accidentally told its users that AMC Entertainment had filed for bankruptcy Monday. The trading app apologized for the error after applying "an incorrect banner" to AMC for three minutes. "At 1:45 pm ET, Robinhood experienced a technical issue leading to an incorrect banner being applied to AMC," Robinhood Help said on Twitter. "I am getting multiple reports that Robinhood briefly posted today that AMC filed for bankruptcy," he wrote. Read more: AMC Entertainment plunges 23% after it settles lawsuit to convert APE units into common stock

☆ Recasting the upcoming GameStop movie: Here's who should play Ken Griffin, Steve Cohen, and the rest of the gang
▼ + stars: | 2023-04-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Wall Street is getting the Hollywood treatment again. - Paul Giamatti as AMC's Adam Aron (This guy knows his way around Wall Street.) For more on the upcoming GameStop movie, including who is set to play the "pot-smoking retail trader," click here. Here's why the rest of Wall Street might be motivated to help First Republic. Meet the new generation of the ultra-rich on Wall Street.

☆ AMC surges 21% on report that Amazon may be interested in buying the movie theater chain
▼ + stars: | 2023-03-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

AMC Entertainment surged as much as 21% on Tuesday after a report suggested Amazon might buy the struggling movie theater chain. The Intersect reported that Amazon chariman Jeff Bezos ordered his investment advisors to "explore acquisition plans" for AMC. Shares of AMC Entertainment were already up about 5% Tuesday afternoon, but those gains were supercharged after the report from the Intersect was released. According to the report, Amazon founder and chairman Jeff Bezos has ordered his investment advisors to "explore acquisition plans" for AMC and its 600 movie theater locations. Amazon could essentially use AMC's movie theaters as a way to promote its slate of Amazon Prime movies, cross-sell other Amazon services such as grocery delivery, as well as serve as a local distribution hub for Amazon products.

☆ Rise of the APEs, Coming to a Theater Chain Near You
▼ + stars: | 2023-03-15 | by ( Spencer Jakab | ) www.wsj.com time to read: 1 min

AMC senior managers such as CEO Adam Aron have undertaken sales of the movie-theater chain’s stock. Tuesday was a lousy day to be an ape and a pretty decent one for some of their sworn enemies. To be clear, the primates involved are all humans. “Apes” are social-media-inspired retail shareholders who took their nickname from the “Planet of the Apes” films—the remakes, not the 1968 original starring Charlton Heston . They are lovers of meme stocks like AMC Entertainment Holdings Inc. and haters of hedge funds.

☆ AMC plunges as investors approve reverse stock split, APE share conversion
▼ + stars: | 2023-03-14 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

AMC investors voted Tuesday to approve a reverse stock split and the conversion of APE shares into common company shares. The APE stock was issued less than a year ago. The hearing is centered around a class-action lawsuit that claims AMC circumvented shareholders who were against adding more shares by creating the preferred stock APE. Tuesday's vote comes less than a month after AMC posted disappointing fourth quarter earnings. Losses also widened, as AMC posted a net loss of $287.7 million, a steeper fall than the $134.4 million in losses it posted a year ago.

☆ AMC to sell movie theater popcorn exclusively at Walmart in latest attempt to make up for decline in customers
▼ + stars: | 2023-03-02 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

AMC is going to sell 6 varieties of movie theater popcorn in Walmart starting on March 11. Prices will range from $3.98 for a ready-to-eat bag to $4.98 for a six pack of microwavable popcorn. AMC Entertainment, the largest movie theater chain in the world, announced this week that it will soon sell a new line of microwavable and ready-to-eat popcorn exclusively at Walmart. Starting on March 11 Walmart customers can have their choice of six different varieties of AMC popcorn — extra butter, classic butter, or lightly salted, in popped or kernel form. Meanwhile, the ready-to-eat popcorn bags will cost $3.98, per AMC.

☆ Theater chain AMC falls 8% on worries of slower box-office recovery
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

In the United States and Canada, box office collection was above $11 billion in 2019, but since the COVID-19 pandemic, the numbers have fallen drastically, with 2022 box office numbers coming in at $7.4 billion, the company said. "It will take years to see box office revenues return to 2019 levels, which they may not ever do at all," said Jamie Lumley, analyst at Third Bridge. Wedbush Securities analysts expect 2023 box office to be down 24% from 2019 levels. AMC, however, said it expects box office will not return to pre-pandemic norms before 2024 or 2025 at the earliest. Still, AMC said it would pay down its debt of about $4.95 billion as it continued to raise cash.

☆ AMC beats revenue estimates as 'Avatar' lures movie fans
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Feb 28 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) beat Wall Street estimates for fourth-quarter revenue on Tuesday, as box-office hits such as "Avatar: The Way of Water" made movie-goers flock to its theaters during the holiday session. Shares of Leawood, Kansas-based AMC, which operates more than 900 theaters globally, rose 2% in trading after the bell. Revenue for the quarter was $990.9 million, compared to analysts' expectation of $977.7 million, according to Refinitiv IBES data. Net loss widened to $287.7 million, or 26 cents per share, during the quarter ended Dec. 31, from $134.4 million, or 13 cents per share, a year ago. Reporting by Tiyashi Datta in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: AMC sets unusual shareholder vote for meme stock sale approval
▼ + stars: | 2023-02-01 | by ( Anirban Sen | ) www.reuters.com time to read: +5 min

loadingNow, AMC is asking shareholders for authorization to further increase its common stock count tenfold. Holders of the preferred stock will be allowed to vote on the matter alongside holders of common stock. "This increases the odds of (the new common stock authorization) passing this time," said Jacob Thomas, a professor of accounting and finance at Yale School of Management. "Given that meme stock speculators can drive prices far from fundamentals, it makes sense for a company like AMC to issue stock when management believes its own stock is overvalued," Harvey said. AMC said in the Jan. 26 filing that it is proposing the conversion of preferred stock to common stock to eliminate the trading discount.

☆ MoviePass CEO Stacy Spikes on his plans to relaunch the service (for real) and bring back an unlimited option
▼ + stars: | 2023-01-24 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +20 min

Stacy Spikes told Insider he plans to put MoviePass out of beta and make it available for all by the summer. You would think Spikes would want to run as far away as possible from the movie-ticket-subscription startup. Before Stacy Spikes created MoviePass he created the Urbanworld Film Festival. I wanted to put that down because I see so many times people approach me and think MoviePass was my first business. MoviePassThe MoviePass beta version is focused on the credits system, e-ticketing, and fixing bugsWhat have been the biggest challenges in getting this beta version of MoviePass off the ground?

☆ AMC CEO Adam Aron Asks Board for Salary Freeze in 2023
▼ + stars: | 2022-12-28 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

CEO Adam Aron won’t take a raise, but he did say AMC will increase pay for its hourly theater employees next year. AMC Entertainment Holdings Inc. Chief Executive Adam Aron has asked the company’s board to freeze his compensation in 2023 following a painful year for the theater chain’s share price. Mr. Aron said in a string of tweets Tuesday that he has asked the board to freeze his target cash and stock pay in 2023, saying he didn’t “want ‘more’ when our shareholders are hurting.”

☆ AMC Entertainment CEO asks board to freeze his pay for 2023
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAMC Entertainment CEO asks board to freeze his pay for 2023AMC Entertainment CEO Adam Aron said he asked the company's board to freeze his target cash and stock pay for 2023. CNBC's 'Squawk Box' breaks down the details.

☆ Stocks making the biggest moves midday: Tesla, Southwest, Apple, AMC and more
▼ + stars: | 2022-12-28 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Shares of AMC Entertainment more than quadrupled today as investors continue their buying spree on heavily shorted stocks. Baird also trimmed its price target on shares to $252 from $316 a share. AMC Entertainment – AMC Entertainment shares dipped about 3% a day after CEO Adam Aron tweeted that he asked the company's board to freeze his 2023 pay and urged other executives to forgo salary bumps. Maxeon — Shares slid 8% after the solar company announced Bill Mulligan would be the new CEO. The firm gave the stock a price target of $29, which presents an upside of 75.4% over where it closed Tuesday.

☆ Stocks making the biggest moves premarket: Tesla, AMC, Southwest and others
▼ + stars: | 2022-12-28 | by ( Peter Schacknow | ) www.cnbc.com time to read: +1 min

Baird reduced its price target on Tesla to $252 per share from $316, but continues to rate the stock outperform. AMC Entertainment (AMC) – AMC Entertainment rose 1.2% in premarket trading after CEO Adam Aron asked the movie theater chain's board to freeze his salary. Southwest Airlines (LUV) – Southwest Airlines fell 1.3% in premarket action as it continues to cancel flights in its struggle to return to a normal schedule. Apple (AAPL) – Apple is marginally higher in the premarket following its Tuesday close, which was the lowest since June 2021. It rebounded by 1.1% in premarket trading.

☆ AMC shares hit 52-week low as recent moves and gimmicks fail to win over investors
▼ + stars: | 2022-12-28 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

The AMC 25 Theatres in Times Square in New York is seen on Tuesday, July 8, 2014. Shares of AMC have fallen more than 85% so far this year, closing at $3.84 a share on Wednesday. Branded credit cards and a pay freeze for its CEO have done little to assuage AMC Entertainment shareholders' growing concerns, as the movie theater chain's stock hit a fresh 52-week low Wednesday. Antara will also exchange $100 million of AMC notes for 91 million APE units, which would reduce AMC's annual interest expense by about $10 million. "All it's saying right now is that the shares are still overvalued by quite a lot.

☆ AMC CEO asks for salary freeze in 2023 as shares slump
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

Dec 27 (Reuters) - AMC Entertainment Holdings (AMC.N) Chief Executive Officer Adam Aron on Tuesday asked the theater chain operator's board to freeze his compensation next year because of a sharp drop in the company's shares. "I do not want 'more' when our shareholders are hurting," Aron, who earned $18.9 million in 2021, said in a series of tweets urging other top AMC executives to also forego their hikes. AMC has tried to ride out the pressure by raising cash and taking advantage of the retail interest it got during last year's meme stock rally. Earlier this month, the company said it would raise $110 million in new equity capital through the sale of its preferred stock and proposed a reverse stock split. read moreReporting by Tiyashi Datta in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ AMC to raise $110 million, proposes reverse stock split
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - AMC Entertainment Holdings (AMC.N) said on Thursday it would raise $110 million in new equity capital through the sale of its preferred stock and proposed a reverse stock split, sending the cinema chain's shares down 13%. Antara Capital, a current AMC debt holder, will buy APE at an average price of 66 cents per share. Antara will also exchange $100 million in debt for about 91 million APE units, which would reduce AMC's annual interest expense by about $10 million. The company said it is also looking to hold a meeting for APE and AMC shareholders to vote on converting APE units into AMC shares and propose a reverse-split of AMC shares at a 1:10 ratio. AMC in August announced APE as a special dividend for shareholders and a means to raise capital in the future.

☆ AMC Entertainment plunges 22% after the struggling meme stock proposes a reverse stock split and APE share conversion
▼ + stars: | 2022-12-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

AMC proposed a 1-for-10 reverse stock split and the conversion of all APE units into AMC common shares. There's a big gap based on current prices, with AMC's common stock trading just over $4, while the APE stock is trading just over $1. Going long APE shares and short AMC common stock was a trading strategy utilized by famed short-seller Jim Chanos earlier this year. AMC CEO Adam Aron said in a press release that converting APE shares into common stock will address that spread. Since AMC issued its APE units in August, the share price is down 88%, even when considering Thursday's near doubling in the stock price.

☆ Watch CNBC's full interview with AMC CEO Adam Aron
▼ + stars: | 2022-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with AMC CEO Adam AronAMC CEO Adam Aron joins 'Squawk Box' to react to the performance of 'Black Panther: Wakanda Forever,' which generated $180 million during its U.S. debut. Aron breaks down his forecast for the upcoming holiday season and discusses potential acquisition targets. "We're pretty confident about our future," Aron tells CNBC.

☆ Hollywood is shorting us the traditional amount of new movies, says AMC CEO Adam Aron
▼ + stars: | 2022-11-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHollywood is shorting us the traditional amount of new movies, says AMC CEO Adam AronAMC CEO Adam Aron joins 'Squawk Box' to react to the performance of 'Black Panther: Wakanda Forever,' which generated $180 million during its U.S. debut.

☆ AMC and Zoom want you to take your next work meeting on the big screen
▼ + stars: | 2022-11-10 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Zoom, the popular video conferencing service, along with AMC Theatres announced this week that they are partnering in an effort to bring conference calls to the big screen. The partnership with the nation's largest theater chain, dubbed "Zoom Rooms at AMC," will see AMC turn its movie screens into videoconferencing displays for audiences ranging in size from 75 to 150, AMC said in an announcement. AMC says that it will also offer "additional services including food and beverage offerings, possible movie viewings, and concierge-style personalized handling of meeting needs" to customers "at an added cost." AMC and Zoom did not immediately give an indication of how the offerings would be priced. The companies said they plan to launch Zoom Rooms in "up to 17 major US markets sometime in 2023."

☆ Stocks making the biggest moves premarket: Tesla, Meta, DR Horton and more
▼ + stars: | 2022-11-09 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Meta Platforms (META) – The Facebook parent's shares rallied 4.3% in premarket trading after the company announced it was laying off 13% of its workforce, or more than 11,000 workers. DR Horton (DHI) – The home builder's stock slid 3.1% in the premarket after it missed top and bottom line estimates for its latest quarter. Walt Disney (DIS) – Walt Disney tumbled 7.4% in the premarket after missing top and bottom line estimates for its latest quarter. Affirm Holdings (AFRM) – Affirm Holdings plunged 12.2% in premarket trading after the buy-now-pay-later firm reported a wider-than-expected quarterly loss. Axon Enterprise (AXON) – Axon rallied 8.5% in premarket trading after the Taser maker reported better-than-expected profit and revenue for the third quarter.

☆ Theater chain AMC in need of more blockbuster movies, shares fall
▼ + stars: | 2022-11-08 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) said its third-quarter loss widened, with the theater chain operator burning through more cash to keep its 950 theaters running as fewer blockbuster releases reduced footfall in cinemas. The company also said it raised just $36.4 million from the sale of 14.9 million of its preferred shares APE , listed in August, sending them down 5.6% in extended trading. On an earnings call with investors, Chief Executive Adam Aron noted the number of big movie titles being released by major studios was still down 20% to 30% versus pre-pandemic norms. It is this: movie theater operators need more movies," he said. "The question for AMC comes down to how to stem losses and manage its balance sheet while facing fewer major movies in the pipeline and ongoing operational challenges," said Jamie Lumley, analyst at Third Bridge.

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