Last week, movie theater chain AMC Entertainment Holdings Inc (NYSE:AMC) purchased a major stake in Hycroft Mining Holding Corp (NASDAQ:HYMC).
AMC spent $27.9 million in cash for the deal and received roughly 23.4 million shares in the company.
Now, two weeks following the deal, AMC’s Hycroft mining company has raised a total of $195 million.
One of the world’s leading gold and silver investors, Eric Sprott has taken a large stake in Hycroft. Together, AMC and Sprott invested $56 million in Hycroft.
On Friday, AMC CEO Adam Aron announced in a tweet that $139 million had been raised in additional equity. On the same day, the stock soared almost 22% after hours when the announcement was made.
I was highly confident that AMC’s skills could quickly “right the ship” at Hycroft (HYMC). We just did! Eric Sprott and AMC invested $56 million. Now we raised a breathtaking $139 million more cash equity! $195 million in total! In only two weeks! Calm seas, smooth sailing ahead. pic.twitter.com/5wsbi1oqHH
— Adam Aron (@CEOAdam) March 25, 2022
Replying to Aron’s tweet, a follower @NorcalSlider said, “Holy sh*t, that’s huge”.
Aron quickly responded to Norcal’s tweet talking about the skepticism about AMC’s investment in HYMC.
You know, as the sitting CEO of an NYSE-listed company, I could never say publicly what is in NorCal’s tweet, not in a million years. But, hey, I can’t stop you from saying it. #HaHa. What I can say to those who doubted AMC’s investment in HYMC…. #CHOKEonTHAT https://t.co/AavT6nvFLL
— Adam Aron (@CEOAdam) March 26, 2022
Photo: Paul Sableman on flickr
