The AMC Burbank 16 and the Batman bronze statue in Downtown Burbank.
AaronP / Bauer-Griffin | GC images | Getty Images
How AMC entertainment Shares rose again on Wednesday as the company announced new perks for its retail investors, including a free tub of popcorn.
Shares in AMC opened at an all-time high of $ 37.52, then climbed to $ 41.95, up more than 30%. AMC’s previous intraday high was $ 36.72 on Friday. The closing record is $ 35.86 and was set on March 23, 2015, according to FactSet data.
The cinema chain stated that it had set up a portal for private investors on its website. The website, which requires shareholders to identify themselves and sign up for the chain’s loyalty program, contains specials and company updates.
AMC’s retail investors have has been supporting the company since January, which caused the stock to climb more than 1,400% in the past five months. The company, which filed for bankruptcy during the worst Covid crisis, said it had 3.2 million individual shareholders on March 11 and that they own about 80% of the 450 million shares outstanding. Many of them were inspired by the WallStreetBets Reddit page to buy the stock. The forum selected several companies that had been sold short by large hedge fund groups and decided to take action.
CEO Adam Aron has praised these investors for their support. The company has postponed its annual general meeting for more than a month to give these investors the opportunity to attend the event and “make their important voices heard”.
Aron and AMC plan to Donate $ 50,000 to the Dian Fossey Gorilla Fund – a clear reference to these new investors who call themselves monkeys and refer to Aron as “Silverback”. AMC has also changed its communication style to speak directly to shareholders through social media, including YouTube. Aron even got a renewed interest in Twitter by “following” hundreds of accounts associated with the “ape army”.
AMC Investor Connect is the next step in the company’s strategy to get in touch with these investors. The platform offers shareholders exclusive promotions such as free or discounted articles and invitations to special screenings as well as direct communication with Aron.
“During my five-year tenure as CEO at AMC, I am very proud of the relationships I have built with the owners of AMC,” said Aron in a statement on Wednesday. “With AMC Investor Connect, these relationship-building efforts will continue even as our shareholders run into the millions. After all, these people are the owners of AMC and I work for them.”