Tag: AMC News (Page 1 of 73)

AMC CEO Now Identified As Extortion Bid Victim

AMC Entertainment CEO Adam Aron has now been identified as a terrible extortion bid victim that took place last year.

The CEO released a public statement on Thursday of a ‘vigorous federal criminal investigation’, which resulted in the extortionist being arrested, convicted of a felony, and spending nearly a year in jail.

Sakoya Blackwood, 35, was charged in a Manhattan federal court indictment with trying to extort AMC CEO Adam Aron out of up to $300,000 to keep her quiet about his sexual escapades, and about a false claim she threatened to make about him having sex with a minor.

Prosecutors have said in a court filing that in addition to that CEO, Blackwood “targeted numerous other potential victims — all wealthy and high-profile men — using fictitious identities, while camouflaging her ownership of the accounts deployed in her catfishing scheme.”

Because she came to the United States from Jamaica as a child without legal immigration status, Blackwood now faces the risk of being deported and separated from her 12-year-old daughter, her lawyer said in a court filing.

Prosecutors in a court filing said Blackwood tried to extort the victim by threatening to “falsely tell the world” that the movie theatre CEO “had sex with a minor.”

That claim was “a blatant lie which she invented out of whole cloth,” the filing noted.

But what was true were sexually explicit photos and messages the CEO shared with Blackwood as she posed in electronic communications as a former romantic partner of the victim.

Blackwood then pretended to be a vengeful ex-boyfriend and employees of media outlets – a deception knows as ‘catfishing’.

“For many months, the defendant kept the Victim suffering from the constant fear that his life would be ruined. She taunted him with the prospect of releasing embarrassing materials and, even worse, false accusations that he had sex with someone who was underage,” the filing said.

Official Statement From AMC CEO Adam Aron

Market News Today - AMC CEO Now Identified As Extortion Bid Victim.
Market News Today – AMC CEO Now Identified As Extortion Bid Victim.

“Because you are so important to me, there is a matter I want to share with you.

By definition, I live my life in the public eye. 

Unfortunately, last year I became the victim of an elaborate criminal extortion by a third party who was unknown to me related to false allegations about my personal life.

Rather than give in to blackmail, I personally engaged counsel and other professional advisors and reported the matter to law enforcement.

I did so knowing I risked personal embarrassment.

But with my access to resources, if I did not stand up against blackmail, who could?

A vigorous federal criminal investigation ensued which resulted in the extortionist being arrested, convicted of a felony, and spending nearly a year in jail.

At the time of the arrest, the U.S. Attorney for the Southern District of New York commended my having reported the matter to the FBI and the U.S. Department of Justice.  

This was entirely a personal matter. 

I was asked by law enforcement to keep this matter confidential during their investigation and subsequent court case.  

Shortly after the extortionist’s July 2023 sentencing, I informed AMC’s Board of Directors which thoroughly reviewed these events with independent outside counsel at WilmerHale.

As I said above, this indeed was entirely a personal matter, and the matter is closed.

I could not end this message without again thanking you for your support — as well as emphasizing my extreme gratitude to the U.S. Attorney’s Office for the Southern District of New York and to the FBI for their diligent, skillful, and professional handling of this unfortunate matter.”

Also Read: CoinCodex Now Predicts AMC to Soar Whopping +500% by 2024

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Market News Today - AMC CEO Now Identified As Extortion Bid Victim.
Market News Today – AMC CEO Now Identified As Extortion Bid Victim.

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New Report: August Saw Whopping $129 Million in AMC FTDs

Market News Today - New Report: August Saw Whopping $129 Million in AMC FTDs.
Market News Today – New Report: August Saw Whopping $129 Million in AMC FTDs.

August saw a record high of $129 million in AMC FTDs according to the latest data by Stocksera.

The $129 million dollar amount in AMC FTDs is equivalent to a total of 50,780,515 FTDs (non-cumulative).

The month finished with more than 130K FTDs, though the $129 million in FTDs was the highest spike seen in August.

FTDs, or Failure-to-deliver occurs when one party in a trading contract (whether it’s shares, futures, or options) fails to deliver on their obligations.

These failures derive due to buyers not having enough money to take delivery and pay for the transaction at settlement.

In the case of sellers, it means not having the goods to meet that transaction.

AMC FTDs Latest Report.
AMC FTDs Latest Report.

“Sometimes there are fails to deliver, and a fail to deliver is when you don’t have the ability to prove that you borrowed the stock legally before you actually shorted it”, said Yahoo’s Senior Markets and Data Reporter Jared Blikre.

He says a company joining the NYSE Threshold Securities List is a clear indication of manipulation in the market, primarily through ‘naked short selling’, which is something Wes Christian says is a worldwide problem.

AMC Entertainment remained on the NYSE Threshold Securities List for 50 consecutive days before being removed.

Once a ticker has remained on the NYSE Threshold Securities List for 13 consecutive days, the broker-dealer must immediately close out all fail-to-deliver positions by purchasing shares in the open market, a rule that has been violated multiple times this year.

In April, AMC hit all-time highs when FTDs soared between 17 million and 18 million, equaling $85.4 million (non-cumulative).

However, August saw the most AMC FTDs this year so far, a problem retail investors suggest must be looked at.

But what do you think? Are these simply just market mechanics? Or is something fraudulent happening with AMC’s incredibly high number of FTDs? Leave your thoughts in the comment section down below.

Other AMC Entertainment News and Updates

Market News Today - New Report: August Saw Whopping $129 Million in AMC FTDs.
Market News Today – New Report: August Saw Whopping $129 Million in AMC FTDs.

The CEO of AMC Entertainment (NYSE:AMC), Adam Aron, has addressed shareholders in a new message on Twitter.

The company recently announced that it raised $325 million in brand new equity to bolster its liquidity and pay down its debt.

At the end of this week’s trading, AMC Entertainment finished up more than +13% with shares peaking at $8.91 on Thursday.

However, shares fell nearly -7% on Monday.

“You have sent me over 5,000 comments in response to the tweets I wrote just in the past two days.

I try to read them all, or as many as I can. As should be expected, many are positive, many are negative. This may surprise you but I genuinely appreciate receiving all of it, the good but also the bad. Why? Because you own our company.

It is important that I understand what you think –both the favorable and the unfavorable.

At the same time, it is absolutely vital that after distilling all of your feedback, I actually do and action what I think is in the best interests of all of our shareholders,” Adam Aron said on Twitter.

While I am as frustrated as any of you are by the challenges that AMC still faces 42 long months after Covid forced the closure of all of our theatres, that frustration is greatly outweighed by my pride that AMC is still alive and fighting… that AMC is still leading and innovating… and that AMC is eminently stronger with our now greatly increased cash reserves.

How many times have the naysayers and prophets of doom predicted with certainty that AMC would fail? So far, we have proven them wrong. Over and over again. Wrong, wrong, wrong. In my view, AMC has an exciting future ahead, as our industry continues on its long glide path to eventual recovery and as AMC continues to take bold action to be out front.

In the language and customs of the 18th century, a message like this one would be signed “Your humble and obedient servant.”

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Market News Today - New Report: August Saw Whopping $129 Million in AMC FTDs.
Market News Today – New Report: August Saw Whopping $129 Million in AMC FTDs.

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AMC Just Raised $325 Million in Brand New Equity

Market News Today - AMC Just Raised $325 Million in Brand New Equity.
Market News Today – AMC Just Raised $325 Million in Brand New Equity.

AMC Entertainment (NYSE:AMC) just raised $325 million in brand new equity according to the company’s latest report.

The company announced late Wednesday that it has completed its previously disclosed at-the-market (“ATM”) equity offering launched on September 6, 2023. AMC raised approximately $325.5 million of new equity capital through the sale of 40 million shares, before commissions and fees, at an average price of approximately $8.14 per share.

“The Company intends to use the net proceeds, if any, from the sale of the Common Stock pursuant to the Equity Distribution Agreement to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness (including expenses, accrued interest and premium, if any) and for general corporate purposes.”

Hedge fund CEO Bruce Richards said his team anticipated AMC Entertainment to raise as much as $8 billion with $1 billion being more probable, though it was far from it.

The company stock is up more than +3% on Thursday and nearly +7% in the past five trading days.

“The completion of this ATM equity offering significantly boosts AMC’s cash reserves, addresses current liquidity concerns, and fortifies the balance sheet.

When coupled with the third quarter to-date 39% surge in industry box office compared to the same period last year and the record-breaking success of the highly anticipated TAYLOR SWIFT THE ERAS TOUR concert film, the proceeds from the ATM equity offering allow AMC to continue along its successful recovery glidepath through changing market dynamics, including the ongoing strikes by writers and actors, and capitalize on opportunities to further strengthen its balance sheet,” said the company.

Commenting on the capital raise, AMC President and CEO Adam Aron said, “The successful completion of this equity offering marks another significant milestone for AMC.

Raising more than $325 million in gross proceeds has bolstered our ability to survive and then thrive.

As we navigate the recovery phase of our industry, this infusion of capital provides us with flexibility to assist us in navigating the waters ahead and continue delivering the magic of movies to our guests.”

Other Comments From CEO Adam Aron

Market News Today - AMC Just Raised $325 Million in Brand New Equity.
Market News Today – AMC Just Raised $325 Million in Brand New Equity.

“I am delighted to share this extremely important news with all of you.

AMC has successfully raised $325 million of new equity capital through the issuance of 40 million shares via our at-the-market equity raise, which started September 6 and which now has been completed.

This material increase to our cash position means that any talk of immediate and imminent financial collapse right now by AMC is moot.  

We still have many challenges, including Hollywood must resolve the current actors and writers strikes.

But regardless, AMC is now a much stronger company given our increased level of cash.  

Like you, the coming together of AMC common and preferred stock along with the reverse stock split in August decreased both my number of owned and granted-but-unvested AMC shares/units.

So, I currently have an economic interest in more than 800,000 AMC shares now, rather than the more than 8 million AMC shares and APE units previously.   

In turn, that means I personally experienced the great pain felt by all AMC shareholders at the recent decline in our stock price.   

Looking though to our clearly having extended AMC’s viability, it is comforting to know that AMC has strengthened our company by so significantly increasing our cash on hand,” Adam Aron said on Twitter.

Also Read: AMC Short Interest Has Now Begun to Increase Again

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Market News Today - AMC Just Raised $325 Million in Brand New Equity.
Market News Today – AMC Just Raised $325 Million in Brand New Equity.

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AMC Short Interest Has Now Begun to Increase Again

Market News Today - AMC Short Interest Has Now Begun to Increase Again.
Market News Today – AMC Short Interest Has Now Begun to Increase Again.

AMC short interest has now begun to increase again after it had significantly dropped following the company’s approved proposals.

Shares of the movie theatre company have now fallen to a 52-week low despite bullish investor sentiment.

On Tuesday, AMC short interest was reported at 11.52% — however, short interest increased to 16.74% on Wednesday, indicating new short positions.

Short squeeze score also rose from 70 to 73 on Wednesday.

According to Ortex, ‘Short Score’ uses a multi-factor model that incorporates multiple short-related metrics, with a higher score indicating that the stock is heavily-shorted and has other characteristics that increase the possibility of a short squeeze occurring.

AMC’s short score had peaked at 95 back in July prior to AMC’s dilutive proposals.

Will AMC Entertainment have a chance at squeezing again?

Well, that will depend on whether investors are able to conjure up massive buying momentum like they did during the ‘meme stock’ frenzy of 2021.

The short interest is coming back up now, which indicates short sellers are certainly there.

Squeezing them out would require price action to move up, but this would require loads of buying pressure.

Investors are questioning how AMC’s short interest dropped so low without seeing any major price action like in 2021 when shares spiked to all-time highs.

Now many, though not all, are looking at AMC CEO Adam Aron for answers, urging the CEO to look into the possibility of foul play in the market.

Here are the latest developments happening with AMC Entertainment.

Also Read: More Than 50% of AMC Stock is Now Trading Off Exchange This Month

AMC Will Now Raise Cash To Pay Down Debt

Market News Today - AMC Short Interest Has Now Begun to Increase Again.
Market News Today – AMC Short Interest Has Now Begun to Increase Again.

AMC Entertainment announced last week that it has entered a new agreement with Citigroup, Barclays, B Riley Securities, and Goldman Sachs to periodically sell shares.

“The Company intends to use the net proceeds, if any, from the sale of the Common Stock pursuant to the Equity Distribution Agreement to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness (including expenses, accrued interest and premium, if any) and for general corporate purposes.”

AMC will now sell up to 40,000,000 shares to raise money according to the latest SEC filing.

Each Sales Agent will receive compensation of up to 2.5% of the gross sales price of the Common Stock sold through it as a Sales Agent under the Equity Distribution Agreement, and the Company has agreed to reimburse the Sales Agents for certain specified expenses.

The Company has also agreed to provide the Sales Agents with customary indemnification and contribution rights.

The Company is not obligated to sell any Common Stock under the Equity Distribution Agreement and may at any time suspend solicitation and offers under the Equity Distribution Agreement.

The Equity Distribution Agreement may be terminated by the Company at any time by giving written notice to the Sales Agents for any reason or by each Sales Agent at any time, with respect to such Sales Agent only, by giving written notice to the Company for any reason,” says the filing.

“The Company intends to use the net proceeds, if any, from the sale of the Common Stock pursuant to the Equity Distribution Agreement to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness (including expenses, accrued interest and premium, if any) and for general corporate purposes.”

Also Read: Here Is The Latest AMC Stock Price Prediction From Analysts

Is AMC Entertainment Recovering?

AMC Stock News Today - Franknez.com.
AMC Stock News Today – Franknez.com.

The SEC filing comes after AMC announced the upcoming film centered around Taylor Swift’s concert tour, Taylor Swift | The Eras Tour, which earned $26 million dollars in advance ticket sales less than three hours after tickets first went on sale.

“AMC is still recovering from the Covid-19 pandemic which temporarily shuttered most theaters across the country and shifts in the industry with more films going directly to streaming.

However, the movie industry recently saw the fourth largest box office weekend in U.S. history with the blockbuster releases of Barbie and Oppenheimer“, says Forbes.

AMC has not announced a timeline for when this offering could begin.

However, the company said it plans to use the proceeds of the stock sale to pay down its debt.

In recent news, Wedbush upgraded AMC Entertainment from ‘underperform’ to ‘neutral’ with analysts currently looking at a 17.98% upside, Nasdaq reports.

Investor sentiment at the moment remains quite strong, even if shares of the company have fallen.

Fundamentals have now become more important than ever to shareholders, as it seems to be the key to eliminating the Wall Street short thesis.

But I’m curious to know your thoughts – is AMC Entertainment still the play of the decade?

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Market News Today - AMC Short Interest Has Now Begun to Increase Again.
Market News Today – AMC Short Interest Has Now Begun to Increase Again.

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