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AMC Entertainment (NYSE:AMC) CEO, Adam Aron, took to Twitter overnight to defend the stock, which is down 51% year-to-date and has seen no support from the AMC Preferred Units (APE) listing.
Aron said as rumors continue to swirl about the fate of rival Cineworld/Regal, AMC is “vastly different.” The CEO highlighted the $1 billion of liquidity the company held as of the end of the latest quarter and the ability to raise further equity.
“AMC ended the most recent quarter with more than $1 billion of liquidity,” Aron said. “Plus we believe AMC readily can raise equity. The best thing AMC can do for our shareholders is to continue to have ample cash.”
Aron followed up with another tweet Wednesday morning that some are “incorrectly” worried about dilution, pointing to his large stake in the company.
“Extremely important especially for those who incorrectly fear dilution,” Aron added. “I own 793,974 AMC shares/APE units and 2,100,074 more already granted vesting 2023/24/25. My clear goal: Guide AMC smartly through these challenging times. How best to do that? Get a ton of cash in the bank!”
Shares of AMC are down fractionally in early trading Wednesday.
