AMC Entertainment Holdings Inc.’s Investor Connect program has hit 1 million members, according to the company’s CEO Adam Aron.
Launched in 2021, Investor Connect lets AMC
AMC,
shareholders self-identify through the company’s website to receive special offers and company updates.
“AMC Investor Connection is our free program of communications and offers for AMC shareholders,” Aron tweeted Wednesday. “ONE MILLION PEOPLE have now enrolled as members. While I get a few hate messages, AMC is SO fortunate to have passionate retail investors with us. TY, TY, TY!”
Also see: AMC CEO eyes Hycroft gold mining boost: ‘He who laughs last, laughs best’
The movie-theater chain and meme-stock darling recently reported better-than-expected first-quarter revenue and adjusted earnings, and Aron is confident that the company will benefit from the slate of movies coming in 2023.
Earlier this month, AMC also reached an agreement to settle a shareholder lawsuit over the conversion of AMC Preferred Equity units
APE,
into common stock.
AMC’s stock ended Wednesday’s session down 2.9%, outpacing the S&P 500 index’s
SPX,
decline of 0.7%. The APEs rose 0.6%.
Related: AMC’s ‘road to recovery getting better,’ says Macquarie
The movie-theater chain’s shares have risen 20% in 2023, compared with the S&P 500 index’s gain of 7.2%. The APEs have risen 14.2% this year.
Antara Capital Master Fund sold 500,000 APE units on May 22, according an SEC filing Tuesday, after selling a total of 2 million units on May 18 and 19. After the sale, Antara Capital still holds 145.7 million shares, representing 14.6% of the outstanding APEs. The fund, which held 227.2 million APEs on Feb. 15, has sold more than 80 million shares in recent months.
Read the full article here
