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Monday, October 18, 2021

AMC Entertainment Holdings Inc (NYSE: AMC) WallStreetBets Short Squeeze

AMC Entertainment Holdings Inc (NYSE: AMC) is on a spectacular rise up the charts in recent days as this massive short covering rally gains traction. AMC initially popped briefly in February during the WallStreetBets Gamestop short squeeze which saw GME rocket to $483 per share. Now its AMC’s turn and the same Apes on WallStreetBets that were buying up GME and not selling have turned their attention to AMC which is currently under heavy accumulation. 

Currently there are well over 100 million shares of AMC shares naked short and speculators are anticipating a wild ride starting on Monday. Helping along the squeeze is Melissa Lee who stated live on CNBC on Friday that AMC was being heavily shorted and that many of the shares that were sold short do not exist (naked short selling) While Gamestop hedge funds sold GME short and made an incredibly stupid trade and lost billions while redditors on WallStreetBets, made billions. A similar situation seems to be taking place with AMC and with over 100 million shares short that do not exist but have to be covered the sky is the limit. 

AMC Entertainment Holdings Inc (NYSE: AMC) operating out of Leawood, Kansas is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 950 theatres and 10,500 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, web site and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming.  

⏰ AMC THE NEXT YOLO STOCK? (WALLSTREETBETS) - YouTubeFounded in 1920, AMC is the largest movie theater chain in the world and the USA with the largest market share in the Country ahead of both Regal and Cinemark Theatres. The Company has also seen growth through acquisition acquiring Odeon Cinemas, UCI Cinemas, and Carmike Cinemas in 2016. The Chinese conglomerate Wanda Group owned a majority stake in the company. Private equity firm Silver Lake Partners made a $600 million investment in AMC in September 2018, but the voting power of AMC shares is structured in such a way that Wanda Group still controlled the majority of AMC’s board of directors. Amid financial downturns caused by the COVID-19 pandemic, in January 2021 Wanda’s ownership was increasingly diluted due to new financing by AMC, and Silver Lake converting its $600 million debt holding to equity after a short squeeze. In early-February 2021, Wanda converted its Class B shares to Class A shares, thus reducing its voting power. 

Due to the spectacular rise of AMC in recent months the Company has been able to raise a significant amount of capital. Several days ago, AMC reported it has completed its 11.550 million share at-the-market (“ATM”) equity program. AMC raised approximately $587.4 million of new equity capital, before commissions and fees, at an average price of approximately $50.85 per share. The $587.4 million raise comes days after the Company raised $658.5 million in a total equity raise in the second quarter of $1.246 billion, substantially strengthening and improving AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future. 

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AMC

IS GAMESTOP & AMC STOCK A BUY RIGHT NOW? (WALLSTREETBETS) - YouTubeOn June 3 AMC filed a preliminary proxy statement with the SEC in connection with the Company’s 2021 Annual Meeting of Stockholders scheduled for July 29, 2021. The preliminary proxy statement, which is subject to SEC review, includes the following important proposals: Increase authorized share capital by 25 million shares (effective in 2022), Re-elect certain directors, Approve the appointment of Ernst & Young LLP as independent auditors, approve a non-binding vote on the compensation of executive officers amd Ability to adjourn the stockholders meeting if necessary. The AMC Board recommends a vote in favor of each proposal. The specific details and rationale for the recommend vote are described within the preliminary proxy statement. A final proxy statement is expected to be filed with the SEC and distributed to shareholders on or about June 16, 2021. Voting will take place between June 16 and July 28. 

AMC President and CEO, Adam Aron stated: “I encourage all of our valued shareholders to exercise their right to have their voices heard and impact the future AMC by voting their shares. To successfully navigate the road ahead, we seek to assemble all of the financial tools that might help us. An important tool for any company is having shares available to issue if, and only if, the right value creation opportunity arises. As of today, in our efforts to best position AMC for a successful recovery from the pandemic, we have issued or reserved substantially all but 46,124 of the shares that were previously authorized. We are requesting that shareholders authorize only an additional 25 million shares and note that these shares cannot be issued in calendar year 2021. This contrasts with a previous request that shareholders authorize 500 million new shares. We have been listening carefully to the sentiments being expressed by our shareholders, and this more measured proposal is important to give AMC the flexibility to respond to future value creation opportunities for the benefit of AMC and all of its shareholder owners.” 

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AMC is on a spectacular rise up the charts in recent days as this massive short covering rally gains traction. AMC initially popped briefly in February during the WallStreetBets Gamestop short squeeze which saw GME rocket to $483 per share. Now its AMC’s turn and the same Apes on WallStreetBets that were buying up GME and not selling have turned their attention to AMC which is currently under heavy accumulation. Currently there are well over 100 million shares of AMC shares naked short and speculators are anticipating a wild ride starting on Monday. Helping along the squeeze is Melissa Lee who stated live on CNBC on Friday that AMC was being heavily shorted and that many of the shares that were sold short do not exist (naked short selling) While Gamestop hedge funds sold GME short and made an incredibly stupid trade and lost billions while redditors on WallStreetBets, made billions. A similar situation seems to be taking place with AMC and with over 100 million shares short that do not exist but have to be covered the sky is the limit. . We will be updating on AMC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with AMC.

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Disclosure: we hold no position in AMC either long or short and we have not been compensated for this article

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