- AMC Entertainment is in the spotlight for the second straight day thanks to tweets from its CEO.
- The company will now give out NFTs to its shareholders.
- AMC still needs a stronger catalyst than that and it reports earnings in one month.
After a few tweets from AMC Entertainment CEO Adam Aron, AMC stock is up 2.7% on Friday. This builds on the stock’s more-than-15% gains on Thursday.
Yesterday’s rally came during a “meme move,” as GameStop, Bed Bath & Beyond and others all roared higher. Like Friday, yesterday’s move in AMC stock was ignited by a tweet from Aron. While the stock was unable to clear last month’s high yesterday, it’s doing so today.
On Thursday, it was a tease from Aron. This time, though, investors have a few more specifics to work with.
Investors in AMC Stock to Receive NFTs
The company is now offering NFTs to new investors. Aron tweeted out the news, but the company spelled it out pretty clearly on its stockholders page. “All self-identified AMC shareholders who are members of AMC Investor Connect and those who enroll by 9/30/22 will receive an exclusive ‘There’s Gold in Them Thar Hills’ commemorative gold Hycroft Mining NFT (one per member).”
Further, Aron added that “we’ll pay your WAX NFT wallet fees for a year.”
We honor our 728,00 existing members of AMC Investor Connect and new members joining by 9/30/22. You can claim (in October) a free golden NFT from us, and we’ll pay your WAX NFT wallet fees for a year. Celebrating our Hycroft Mining investment: “There is Gold in Them Thar Hills.” pic.twitter.com/sRTienmaCo
— Adam Aron (@CEOAdam) July 8, 2022
He then sent a follow-up tweet that read: “And something extra special, exclusively for AMC Investor Connect members who earlier this year claimed their free ‘I Own AMC’ NFT. A slick ‘Black Version’ (with red & gold accents). In your WAX account later today, for you to enjoy now. Plus you get the all gold one in October.”
Will NFTs be enough to “pounce” and create a short squeeze in AMC stock? Not likely. Aside from having to fight through a brutal bear market, AMC will likely need some real, tangible catalysts to drive the stock price higher.
Of course, it’s always possible we see a short squeeze in the stock, particularly if it comes alongside a strong bear-market rally in the overall market. Without any fundamental improvements, it’s hard to imagine a sustainable rally. However, one such moment may come on Aug. 4, when the company is scheduled to report earnings.
That being said, investors should always keep an eye on AMC stock, as we never know when it may ignite.
