Ticket to Survival
AMC CEO Adam Aron has been fighting to save the country’s largest chain of movie theaters since the Covid-19 pandemic forced theaters to close in 2020. One way he did it was by encouraging the 2021 move against short sellers. He called his stock’s buyers “APEs” and eventually created the new shares when he ran up against outstanding share limits.
The largest buyer of the APE shares, Antara Capital, has been selling off its stake over the last four months. This has sent APE’s price down 44%, against a 28% fall for the common. A recent 13D filing shows Antara holding just 9.9% of APE, down from 28.7% in February.
While AMC has outlasted rivals like Regal Cinemas, which filed for bankruptcy last year, it is still losing money. AMC expects revenue of $4.6 billion, still below its pre-pandemic take, despite Aron’s efforts to boost sales by selling non-fungible tokens (NFTs) and popcorn through Walmart $Walmart(WMT.US$ .
The company now has less than a half-billion in cash, having lost $523 million in the last year. Long-term debt is $4.7 billion. $AMC Entertainment(AMC.US$ $AMC Preferred Equity Unit(APE.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
EasyGravy : hey smart guy.... AA hasn't saved amc. Under his watch the companies debt is 2x its entire mkt capitalization, they're losing over a billion a year, 3.7 million a day. They havn't had a profitable quarter in over 6 years, havn't broke even 1 quarter in the last 20 quarters. Then you got complete morons like you, who don't have a clue.... just another
NewtonOj : Paid shilly right here easy gravy you have been negi this whole time does matter on good news or bad you are a evil person
70570057 EasyGravy: No their not ** shill. AMC is doing better than ever.
70570057 NewtonOj:
73184688 NewtonOj: So true. Look at all his negative, hateful, lying posts. He's the
.
NewtonOj : Yes he is