AMC Entertainment Holdings Inc. (NYSE:AMC) CEO Adam Aron has taken a dig at Wall Street professionals who criticized the movie theatre chain’s recent investment in gold and silver miner Hycroft Mining Holding Corp. (NASDAQ:HYMC).
What happened: Aron took to Twitter to say he is preparing some “aromatic” crow dishes for the critics.
AMC’s basis in 46.8 million shares and warrants of Hycroft is $1.07 each (+ $2.9 million). We took some mindless flack from Wall Street “pro’s” two weeks ago. But right now, I am in the kitchen preparing for them some aromatic crow soup, crow stew and crow pie. #LetThemEatCrow pic.twitter.com/Dr7Ru1gCaS
— Adam Aron (@CEOAdam) March 30, 2022
The CEO also noted that AMC and Hycroft Mining were the most active stocks on the stock exchanges for the second straight day on Tuesday.
For the 2nd day in a row, AMC Entertainment (AMC) was the single most active stock of the almost 2500 companies on the New York Stock Exchange. Also for the 2nd day in a row, Hycroft Mining (HYMC) was the single most active stock of the more than 3300 companies on the NASDAQ.
— Adam Aron (@CEOAdam) March 30, 2022
The stocks saw heavy trading volume after Aron told CNBC in an interview on Monday that AMC is looking for more transformational M&A opportunities following its investment in Hycroft.
See Also: How To Buy AMC (AMC) stock
Why It Matters: AMC’s acquisition of a 22% stake in Hycroft had sparked a debate about whether the investment made sense for the movie theatre chain.
Aron said AMC was looking at ways to put the company's sizable cash position to work and found that Hycroft was “exactly like AMC a year ago.”
AMC and videogame retailer GameStop Corp. (NYSE:GME) — darlings of the WSB forum and among the most heavily shorted stocks last year — continue to see high interest from retail investors.
Price Action: AMC Entertainment shares closed 0.4% higher in Tuesday’s regular trading session at $29.45, but lost 1.0% in the after-hours session to $29.15, according to data from Benzinga Pro.
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