AMC Theatres Buys 22% Stake in Hycroft Gold and Silver Mining Company for $27.9 Million

thewrap.com:

reported a $134 million net loss for the fourth quarter. “The strength of ‘Spider-Man: No Way Home’ and ‘The Batman,’ as well as 2022’s promising industry box office, heighten AMC Entertainment’s conviction that we are on a glide path to recovery,” he said. “Of course, as the largest movie theater chain in the world, we are passionately committed to orchestrating a full recovery from COVID impacts on the cinema industry.”Aron argued that the investment was part of a strategy to pursue new opportunities, even ones outside the core entertainment field. “Our strategic investment being announced today is the result of our having identified a company in an unrelated industry that appears to be just like AMC of a year ago.

It, too, has rock-solid assets, but for a variety of reasons, it has been facing a severe and immediate liquidity issue. Its share price has been knocked low as a result.

We are confident that our involvement can greatly help it to surmount its challenges — to its benefit, and to ours.”He also credited the meme-stock surge last year that spiked the company’s share price as high as $76.62 last year despite the pandemic shutdown.

The stock closed Monday at $13.56.The Reddit-fueled stock surge enabled the company to refinance and pay down its substantial debt load. “In 2021, our retail shareholders armed us with a $1.8 billion war chest to play on offense and grow our company,” he said. “To that end, we have already started adding highly appealing and what we believe will be nicely profitable theaters to our global network, committed to increasing Imax and Dolby Cinema premium screens, which are so successful within our theaters, introduced NFT programs and accepted cryptocurrency to boost theater attendance.”.