Since the famous meme stock mania when shares of AMC Entertainment Holdings Inc (NYSE:AMC) saw a 52-week high of $72.62, the company has been on the offensive, implementing new ways — such as several strategic investments to remain popular and scale growth — to remain in business and provide shareholder value.
Here are some of the major AMC announcements over the past two and a half years:
1. AMC Theatres On Demand, Oct. 15, 2019: A new service called AMC Theatres On Demand was announced. It is a marketplace where members of AMC’s Stubs loyalty program can buy or rent individual movies to watch at home.
“This is a great opportunity for us to both make our film titles available to movie customers and also increase awareness of our growing streaming services, which are all focused on specific genres and content categories fans are passionate about,” said AMC Networks COO Ed Carroll.
2. Entering the Popcorn Market, Nov. 4, 2021: AMC announced its entry into the retail popcorn market by "expanding its business outside of the traditional theatrical exhibition industry with plans to capture a piece of the growing multi-billion dollar popcorn market."
“The announcement that AMC will become a competitor in the multi-billion popcorn market is so natural and logical, one wonders why the idea has not been tried before,” said CEO Adam Aron.
3. Dogecoin and Shiba Inu Arrive, Nov. 15, 2021: Aron announced on Twitter Inc (NYSE:TWTR) that he asked a payment service provider to support Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) so the theater chain can accept the meme coin for online payments.
Aron later said the crypto payments would be available on its website on March 19 and mobile apps by April 16.
4. Getting Into the Mining Business, March 15, 2022: The company announced it is buying 22% of Hycroft Mining Holding Corporation (NASDAQ:HYMC) and its 71,000-acre Hycroft Mine in northern Nevada. In addition, AMC will receive an additional 23.4 million warrants in Hycroft at $1.07 per share.
In the press release, Aron said “Our investment to buy 22% of Hycroft Mining, and to receive an additional 23.4 million warrants in Hycroft at $1.07 per share is a truly terrific opportunity to potentially strengthen and enrich our company, and thereby create significant value for AMC Entertainment shareholders. It is appealing that the investment requires the commitment of only a nominal amount of AMC cash.”
Photo: Shruti via Flickr Creative Commons.
