The corn is popping… and AMC smells butter. AMC stock nearly doubled yesterday, rallying a whopping 95%. Shares popped so quickly that they triggered four NYSE trading halts — aka: the NYSE temporarily paused trading of AMC stock, because it moved too rapidly outside of its "price band." This year, the stock is up over 3,000%, and AMC now boasts a $28B market cap, up from $500M a year ago.
- While it's hot: On Tuesday, AMC sold 8.5M new shares for $230M to an investment firm called Mudrick Capital.
- Not the first time: AMC has sold shares multiple times this year to capitalize on its stock surges and raise cash.
The corn is free… AMC stock closed at a record high yesterday, even while 30% of movie theaters are still closed and some studios are going direct-to-streaming. Retail traders have rallied around the stock, helping AMC avoid pandemic bankruptcy. Now, AMC is turning its individual shareholders into loyalty members:
- AMC unveiled a new portal on its website, just for retail investors. Shareholders can access exclusive promos, like discounts and invitations to special screenings.
- A free (large) popcorn is another new perk for AMC retail investors, along with direct communications from CEO Adam Aron.