We’re almost half a year away and it seems escort meme they haven’t finished their run just yet: As of Wednesday, shares of the AMC Entertainment film chain were in excess of 3,200 following a new initiative launched to provide free popcorn to shareholders.
AMC the stock price has almost doubled on Wednesday only after the release of what the company has dubbed its Investor Connect initiative, which promises shareholders access to exclusive benefits such as free movie snacks and invitations to special screenings. This trick seems to have paid off in a major way: In a press release announcing the Investor Connect initiative, AMC CEO Adam Aron said that retail investors now own a super majority of the company’s shares, “more of 80% … to the last count ”.
Even as AMC’s stock price rose, hedge fund investors and short sellers called their bluff, warning that the company’s shares were massively overvalued. Tuesday, financial consulting firm Mudrick Capital said Bloomberg that she had he sold all his shares in the company for an undisclosed profit, just months after pulling in a profit to the tune of tens of millions of dollars from its acquisition of AMC bonds and options.
AMC, for its part, seems concerned about the lack of institutional support; in fact, his entire strategy at the end of the moment seems expected to attract the support of the same Middle Joe investors who sent stock prices from $ 4.95 to $ 20.36 a night in January 2021.
“We want to communicate with these investors often, and from time to time we provide them with special benefits in our theater.”s, “Aron said in the release.” We started with some great free popcorn on us when we watched his first film at an AMC theater this summer. “
Aron’s pivot to embracing the support of retail traders is not exactly new. During the second quarter of AMC profits Called in early May, the CEO looked up after quoting a monologue of the 1988 Oscar-nominated drama. Gorilla in the Mist – apparently a hat-tip to Reddit’s “WallStreetBets” forum and other online investment communities, which often refer to themselves as “monkeys”.
In a less critical statement, Aron also said that AMC’s health was dependent on support of its retail investors.
“These individual investors probably own the majority of our shares, they have AMC,” Aron said on the earnings call. “We work for them.” I work for them. By definition, his interests and passions are important to AMC, his ambitions and passions are important to me. ”