A new filing shows Antara Capital has dumped millions of APE (NYSE:APE) shares while also playing big put options against AMC Entertainment (NYSE:AMC) common stock.
Investors have been quick to point out AMC stock has had major sell walls keeping it just below $5 per share.
APE stock is down more than -75% since its inception last year, with its biggest seller being Antara Capital, also its largest institutional holder.
In March, the company disposed more than 48 million APE shares valued at a whopping $72.4 million.
A month later, the company disclosed it was betting against AMC Entertainment while it sold company stock.
In May, Antara Capital disclosed it had another 55 million shares in put options valued at more than $277 million; one of the largest bets put against the movie theatre chain.
Now the company has reported acquiring more than 2.7 million shares in put options in AMC Entertainment stock for the month of June, so far.
Antara Capital also disposed a total of 3,984,800 shares of APE at $1.60.
AMC stock is currently up more than +24% this year-to-date while APE is up more than +34% this year-to-date.
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Statements from the CEO
AMC Entertainment confirmed in an SEC filing that it registered up to 232 million of its AMC Preferred Equity (NYSE:APE) for Antara Capital, fulfilling the obligations of a “forward agreement“.
The move was previously announced in early February, when AMC issued 106.6 million APEs to Antara for a purchase price of $75.10 million.
“Saving AMC is my professional mission. And remember that I own millions of AMC shares and APE units too.
So, I very much want for AMC to succeed.
I am absolutely and passionately convinced that what you approved today is in the best interests of AMC and of all our shareholders.”
AMC’s CFO Sean Goodman managed to collect $230K from selling nearly all his shares in February.
Many investors remain optimistic despite the selloffs.
Today, more than 1 million investors have now enrolled in AMC’s Investor Connect.
Launched in 2021, Investor Connect lets AMC shareholders self-identify through the company’s website to receive special offers and company updates.
“ONE MILLION PEOPLE have now enrolled as members. While I get a few hate messages, AMC is SO fortunate to have passionate retail investors with us. TY, TY, TY!” said Adam Aron on Twitter.
Latest AMC Entertainment Developments
AMC Entertainment has embarked in a new partnership with the streaming platform Vudu.
Four years after AMC Theatres launched its on-demand streaming service, AMC Theatres On Demand, the company is now transferring its entire library of films over to Vudu, the Fandango-owned digital video on-demand service.
Vudu announced Thursday that it’s the official new streaming destination for AMC Theatres On Demand, giving users access to over 200,000 movies and TV shows, including the latest hit titles like “The Super Mario Bros. Movie,” “John Wick: Chapter 4,” “Dungeons & Dragons: Honor Among Thieves,” “Avatar: The Way of Water” and more.
AMC Theatres On Demand users will no longer be able to watch, purchase or rent titles on the AMC Theatres On Demand apps or website.
Instead, users will have to create a Vudu account to purchase new titles as well as move over their existing AMC content library.
According to the AMC website, users have until August 31 to transfer their existing movie collection over to Vudu.
AMC Theatres On Demand users that are already on Vudu will also be able to link their accounts.
New Vudu customers get 15% off every purchase during the first month of using the service.
“Today marks a noteworthy partnership for both companies.
AMC is the largest theater chain in the U.S., with 600 theaters and approximately 200 million customers.
Vudu is among the most popular digital video on-demand services, with 60 million registered users,” says TechCrunch.
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