AMC Entertainment Is About to Go on a Spending Spree
AMC Entertainment (NYSE: AMC) is about to embark on a bit of empire building given how CEO Adam Aron's decision to invest in an all-but-defunct gold and silver miner was received. He told Reuters that with a massive $1.8 billion "war chest" built up from diluting his shareholders during the meme-stock trading frenzy last year, he wants to now find other "transformational" deals like Hycroft Mining (NASDAQ: HYMC).
His loyal, small-investor fan base gobbled up the news, and AMC's shares are soaring over 40% higher heading into Monday's close. If the rally just so happens to launch the "mother of all short squeezes" AMC's self-professed apes have been looking for, all the better.
Image source: Getty Images.
Source Fool.com
