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AMC to reward small investors with free popcorn

·1-min read
AMC Entertainment has emerged as a beneficiary of the "Reddit Rebellion" retail investor movement of 2021

Movie chain AMC will offer free popcorn to a brigade of retail investors who have lifted its stock during the so-called "Reddit rebellion," the company announced Wednesday.

Citing its hope to be in "direct communication with its extraordinary base of enthusiastic and passionate individual shareholders," the company said it was establishing the "AMC Investor Connect" program for its more than three million shareholders.

AMC shareholders who sign up "will be awarded with an initial free large popcorn usable this summer when attending a movie at an AMC theatre in the United States," the company said.

AMC Entertainment has been a prominent example of the surprising 2021 investment trend that has seen select equities soar following a campaign orchestrated by retail investors on Reddit.

The movement, which has been called an example of "irrational exuberance" by some observers, has also boosted videogame retailer GameStop.

Besides popcorn, other benefits through the program include promotions on discounted items, invitations to special screenings and communications from Chief Executive Adam Aron.

The initiative comes as movie theaters seek to lure back customers after a devastating 2020 due to the Covid-19 pandemic. The hope is that coronavirus vaccines will revive interest in movies.

"Many of our investors have demonstrated support and confidence in AMC," Aron said in a press release. "We intend to communicate often with these investors, and from time to time provide them with special benefits at our theatres.

"We start with a free large popcorn on us, when they attend their first movie at an AMC theatre this summer."

AMC, which manages 950 cinemas in the world, lost $4.6 billion last year.

Shares of AMC surged around 25 percent to $39.96 in morning trading.

jum-jmb/cs

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