The AMC chief is offering his skills in Ape finance and announcing a $28 million investment in Hycroft Mining...because diamonds would have been to obvious?
When Adam Aron promised investors on a November 2021 earnings call that he was going to take his “war chest of equity capital” and “think differently about our future,” it’s difficult to fathom they ever imagined he’d announce months later that he had spent millions on a literal mine, and not even one that produces diamonds which could have at least prompted some fun memes on Reddit.
But let’s step back for a second and wonder aloud as to why Aron would deploy roughly $28 million of AMC’s capital to get involved with a small, distressed mining company that is trading as a penny stock after having dropped almost 100% from its record high in August 2020, and do it during a global commodities freak-out that has only been exacerbated by meteoric inflation and the economic fallout of Russia’s invasion of...
“AMC Entertainment has had enormous success and demonstrated expertise in guiding a company with otherwise valuable assets through a time of severe liquidity challenge, the raising of capital, and strengthening of balance sheets, as well as communicating with individual retail investors,” reads his statement. “It is all that experience and skill that we bring to the table to assist the talented mining professionals at Hycroft.
Reese and others made it clear on Tuesday that the Hycroft investment has nothing to do with AMC’s core cinema business, which has only improved as COVID mandates disappear and the summer blockbuster season returns.
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