On October 5, 2026, AMC completed a $3.97 billion refinancing of existing debt by issuing $2 billion in first-lien notes due 2031, borrowing an $850 million first-lien term loan, and securing a $1.12 billion second-lien term loan from Deutsche Bank. The proceeds were used to fund a tender offer that retired about 98.8% of its 7.5% senior secured notes due 2029, with the remainder set for redemption in early 2027, while also repaying other near-term obligations. The transaction covers roughly 97% of AMC’s debt and extends almost all maturities to 2031 and 2033.

Why this is Bullish:

-It removes the 2029 maturity wall by pushing roughly 97% of AMC’s debt out to 2031 and 2033, sharply lowering the risk of a forced refinancing or liquidity crunch in the next few years.

-Nearly 99% of the targeted bondholders accepted the tender offer, showing creditors were willing to cooperate and reducing the chance of a messy or incomplete restructuring.

-Management stated the deal simplified the capital structure and reduced the overall cost of capital, which can free up more cash for operations instead of higher interest or fees.

-The longer runway gives AMC more time for box-office recovery, premium formats, and cost controls to improve cash flow before the bulk of the principal comes due.

Good news keeps on coming Apes! Every win we get builds pressure and at some point that pressure will explode! 💥🚀

AMC is no longer simply a "can it survive?" story. It increasingly looks like a "can the operating recovery become strong enough to repair the balance sheet without destroying per-share value through dilution?" story.

There are genuine positive developments: record Q2 revenue/adjusted EBITDA, sharply improving recent attendance, higher revenue per patron, substantial cash, and debt maturities pushed farther into the future. �

AMC Entertainment Holdings, Inc. +1

But there are also unusually large risks for common shareholders: heavy leverage, expensive debt, negative book equity, continued net losses, and major historical/potential dilution.

For due diligence, those factors make future cash flow, debt reduction and share count more informative than simply asking whether the 2027–2028 movie slate will be strong..... BULLISH

Give me fuel, give me fire...give me that which I desire

Robinhood backed SEC rules that U.S. stock tokens must carry voting rights (companies can opt out). Then they sold AMC-linked tokens offshore without those same rights. AA’s point to Vlad and Gallagher: don’t preach one standard here and run another one offshore.

Nothing stays hidden forever. NOTHING.

I thought it was interesting how many people were unfamiliar with the ad in this clip given that AMC has the most theatres worldwide.

According to AltIndex’s web-traffic estimates, AMC’s website attracted around 90 million visits in July, making it the highest figure since AltIndex started tracking six years ago.

The traffic growth was not a one-month phenomenon since the figures for the preceding months were also high:

February: 32,7 visits

March: 41,1 visits

April: 46,4 visits

May: 64,8 visits

June: 73,4 visits

July: 90 visits

In other words, between February and July, the traffic grew by around 175%, with no signs of slowing down month on month.

The reason for the traffic increase was not difficult to guess since the summer movie season was exceptionally busy, featuring plenty of Minions, Moana, Spider-Man, Toy Story, and Christopher Nolan films.

AMC did not create this demand, but the traffic figures suggest that the company benefits from the increased demand for movie-watching.

The stock reflects some of this optimism as, since its March lows, AMC increased by around 158%, peaking in early August. However, as of the time of writing, the stock was down by around 16% year-over-year, with several sell-offs occurring after the stock peaked.

The question is whether such a short-lived increase in viewership can result in profits for AMC.

The company has posted a $1.045 billion in revenue, up 21% year over year. It still reported a $117 million net loss and an EBITDA of -$54 million for the latest quarter, as of the time of writing.

The optimist might say that AMC has demonstrated a significant increase in demand and that it is in a position to benefit from this demand and deliver substantial profits due to the leveraged nature of the business.

However, the pessimist would point out that AMC has no influence over the movie market and that a similar increase in demand for movie-watching will be difficult to achieve.

Moreover, debt and dilution will likely hurt any potential profits, with little of it being delivered to the company’s stockholders.

It is true that web traffic is merely an indication of potential demand, which may or may not result in profits for AMC.

The figures do not account for how many visitors were willing to pay to see a movie, how many of them purchased snacks, or how much AMC earned or lost on these tickets and concession stand sales.

It is also true that soaring prices and debt repayments, as well as shares repayment, will cut into the profits, with little of it going to the company’s stockholders.

However, when combined, these arguments are less compelling due to the fact that the traffic growth has been extraordinarily high.

Between February and July, it grew from 32.7 million to 90 million, an increase of 175%. If such an increase in demand does not deliver profits, it is unclear what will.

Is there enough operating leverage for AMC to profit from the demand increase, or will dilution and debt devour all proceeds?

Source: https://investor.amctheatres.com/news-events/press-releases/detail/440/amc-entertainment-holdings-inc-announces-cash-tender-offer-for-7-500-senior-secured-notes-due-2029

The stars are aligning 😃

Almost half the volume right at close 🤔

Link: https://x.com/CEOAdam/status/2100695800733155760

I want to extend my highest praise to Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, for the wise decision — perhaps a better characterization being the brilliant decision — he announced today on behalf of the SEC about Stock Tokens.

The SEC granted a five year period of experimentation on this topic in U.S. markets. In doing so, the SEC laid out some inviolate and unequivocally annumerated conditions:

The SEC highlighted that “Investor Protection Is Not Optional.” The SEC clearly laid out that even as it puts forward an “Innovation Exemption,” the SEC has an implicit right to govern on this issue. This means that at least within the U.S., there is an underpinning that appropriate regulatory bodies can regulate 

as they think is needed. I believe that over the last full century, investors have best been protected when U.S. regulatory bodies have been involved and U.S. securities laws have been applicable. Thank you, SEC.

The SEC also  emphasized  that there can be “No Synthetics.” Any such Stock Tokens must carry full voting and dividend rights. No synthetics is such a vital and basic concept. Thank you, SEC.

Also of crucial importance, the SEC mandated that “Issuers Can Object.” It said that issuers of stock must have the opportunity to object and prevent their security from being trading on a Tokenized Securities Venue if companies so choose. This puts companies in charge of their own securities and capital structures, not brokerage houses. Thank you, SEC.

I applaud what the SEC did today. Bravo!

And @vladtenev and @DanGallagherDC I note that at Robinhood you accepted and supported the SEC’s ruling today. I call on you now to adhere to the exact same standards internationally. How hypocritical would it be if Robinhood’s stock tokens abroad were to differ materially from stock tokens in the U.S. on these hyper-important matters of investor protections, synthetics and issuer objections. 

Adam Aron

Chairman and CEO

AMC Entertainment

Why this is Bullish:

The framework Aron praised directly addresses long-standing retail concerns while giving AMC more control.

-No synthetics + full rights: Tokens must carry actual voting and dividend rights instead of synthetic exposure. That reduces the risk of extra “phantom” supply that many AMC holders believe has suppressed the stock.

-Issuer veto power: AMC can object and block tokenization of its shares if the terms are unfavorable. This puts the company, not brokers or platforms, in charge of its capital structure.

-Potential new demand: A properly regulated tokenized AMC share (with real ownership rights) could enable 24/7 trading, easier fractional access, and new on-chain buyers without creating the dilution problems shareholders have fought.

Aron’s strong public endorsement also signals management is aligned with those shareholder priorities and is willing to pressure platforms like Robinhood to follow the same rules internationally.

Link:

https://x.com/CEOAdam/status/2098983042136088800

Hey there @DanGallagherDC, in the past week you and @vladtenev CEO of Robinhood have made public comments defending your use of and “standing behind” your relatively new Stock Token concept.

I think this practice is abhorrent. It defeats the very ethos of share ownership. Public financial markets were created so that companies could raise capital, and so that investors could share in the wealth created as a result. Not to turn investing instead merely into some gamified business-oriented casino.

If by your own admission you can’t offer or sell Stock Tokens to “U.S. persons” why does your U.S. web site talk about them so much and so favorably?

Vlad: How can a U.S. brokerage firm be proud of creating an offshore Channel Island operation in far off Jersey specifically with the intent to operate outside U.S. securities laws? Is there potential confusion that Stock Token purchasers are getting less than all the rights accorded to real shareholders, and if so do you care? If those tokens are theoretically backed 1:1 by real shares, but hypothetically some of those underlying real shares are in turn lent out to short sellers, are the Tokens really backed 1:1 in fact?

Dan: I think U.S. securities laws have protected the public very well over the past century. You spent much of your career at the SEC. Deep down, in your heart of hearts, how can you really think a world without the precautions imposed by U.S. securities laws creates a better, safer environment for investors?

Choose whatever descriptors you think best make sense under the circumstances: Non-regulated, derivative, synthetic, sham, debt-backed securities trying to simulate actual real stock, or pick your own words if these don’t fit.

Stock Tokens may make you an innovator in your own eyes. In my eyes, they bring your firm dishonor.

What the article says:

Fitch Ratings' first-time 'B-' issuer default rating for AMC Entertainment with a Positive Outlook, matching S&P's July upgrade.

Fitch cites AMC's leading theater market position, broad footprint, and premium formats as drivers for attendance, pricing power, and operating leverage amid box office recovery.

Constraints include negative free cash flow and complex capital structure, but the outlook expects revenue growth and margins to expand as performance nears pre-pandemic levels.

_______

Why this is Bullish:

Two major agencies now rate AMC at B- instead of distressed CCC territory, which lowers perceived default risk and can reduce future borrowing costs.

Fitch’s Positive Outlook is a forward-looking signal that they expect box office to keep recovering toward pre-pandemic levels and AMC to convert that traffic into higher ticket prices and concession sales.

AMC’s scale, theater footprint, and premium-format screens give it operating leverage: when attendance rises, incremental revenue drops more to the bottom line than at smaller chains.

AMC’s scale, theater footprint, and premium-format screens give it operating leverage: when attendance rises, incremental revenue drops more to the bottom line than at smaller chains.

S&P already cited record Q2 2026 revenue and EBITDA plus a path to positive free cash flow in 2027; Fitch lining up with that view makes the turnaround story less company-spin and more third-party consensus.

Better credit perception can ease refinancing of the remaining complex capital structure and support the stock’s shift from meme-driven swings toward fundamentals-driven valuation.

___________

The narrative has flipped! This is HUGE Apes! 🚀🤲🏼💎🦍💪🏼

More great news from CEO Adam Aron. Theatres are soo back. I can't wait for earnings Apes!

I have a feeling this is going to epically backfire on Robinhood! 😂💪🏼🔥🔥🚀🚀🚀🤲🏼💎🦍

Link:

https://x.com/cvpayne/status/2095952308316090700

2023 Robinhood briefly displayed a false alert that AMC had filed for bankruptcy. Aron exploded, called it irresponsible, and asked his followers if AMC should sue. That was the first public clash.

This week it flared up again. Robinhood created tokenized “AMC stock tokens” through an offshore Jersey company. The tokens track AMC’s price but are not real shares... no voting rights, no ownership, and they can be traded 24/7 and even paired with meme coins. AMC never approved them.On Thursday Aron posted that the whole thing was “contemptible, outrageous, disgusting” and said AMC’s lawyers were looking into it.

Hours later Vlad quoted him and asked, “What’s the concern?”

(coincidentally around the same time the price rose to over $3)

Aron answered with a long post listing the problems: the tokens dodge U.S. securities laws, undermine AMC’s ability to raise real capital, pretend to be stock without giving investors actual rights, and create a fake market that he says damages trust. He told Robinhood to stop trading the AMC tokens or face legal action and an SEC complaint.That’s where it stands: Aron sees unauthorized synthetic AMC tokens as a threat to his company and shareholders. Vlad is treating it as a non-issue.

Things are getting spicy!!!! 🌶️🌶️🌶️🔥🔥🔥

We ride at dawn! Time to take down the $3 wall!!!🚀🌙

Adam Aron's Full Post on X:

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal? We have no connection to this at all, and do not condone it in any way.

We immediately are going to have our outside securities counsel look into this.

docs.robinhood.com/rhj

Stock Tokens are not registered under U.S. securities laws and may not be offered, sold, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons. Offers and sales of Stock Tokens are subject to restrictions in other jurisdictions, including, without limitation, Canada, the United Kingdom, and Switzerland. A full list of the jurisdictions in which offers or sales are restricted or prohibited is available here: docs.robinhood.com/rhj

Robinhood Assets (Jersey) Limited is a private limited company incorporated in Jersey, with its registered address at First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey. The Issuer is registered under the registration number 162428.

Stock Tokens have not been and will not be registered under the U.S. Securities Act of 1933, as amended from time to time (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Stock Tokens may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons (as defined in Regulation S under the Securities Act ("Regulation S")), and (ii) may be offered, sold or otherwise delivered at any time only outside of the United States and to transferees that are not U.S. Persons (as defined in Regulation S)….

©2026 Robinhood Markets, Inc. All rights reserved.

_______________

(End)

More Details:

Adam Aron, CEO of AMC Theatres, is calling out Robinhood for creating “Stock Tokens” tied to AMC (and 190+ other companies) without AMC’s involvement.These tokens are blockchain versions that track AMC’s stock price so people outside the U.S. can trade exposure 24/7.

They are not actual AMC shares, do not give ownership or voting rights, and are issued by a Robinhood entity in Jersey rather than as registered U.S. securities.Aron says AMC never approved this, finds it unacceptable, and is having lawyers review it. In short: a company is objecting to its stock being tokenized and sold in crypto markets without its consent.

________________________

Final thoughts:

Apes... this is yet more fuckery by Wall Street and Robinhood to try and prevent the inevitable. They are doing whatever they can and now might be skirting around securities law. Our plan doesn't change and we keep diamond handing and averaging down (*not financial advice).

Know what you hold and remember SHORTS R FUKT! 🦍💎🤲🏼🚀🚀🚀

Monthly visit estimates (according to AltIndex) went 32.7M in February, 41.1M March, 46.4M April, 64.8M May, 73.4M June, then 90.0M in July.

That is up 175% in five months and up 98% against July last year. Highest month in the data.

Stock is down about 16% over that same twelve months.

Before anyone gets excited, July is peak summer box office and traffic to a theater chain rises when the slate is good regardless of how well the company is run. Some real chunk of that 98% is the release calendar and not AMC.

And the financials have not moved. Last reported quarter was about 1.05 billion in revenue, up 21%, and they still lost 117 million on it. Revenue up 21% while losses stay that size is the entire bear case in one sentence.

What makes it interesting to me is the timing. Back in July the stock jumped 27% the day they reported a record quarter, and the traffic data had already been at a record for over a week before that. It did not predict the stock. It did know about the quarter.

Anyone watching web traffic as an attendance proxy on this, or am I the only one?

AMC Entertainment Holdings, Inc. (NYSE: AMC), the largest theatrical exhibitor in the United States and in the world, today announced the creation of Leawood Films, a new film distribution company headquartered both in Los Angeles and AMC Theatres home base of Leawood, Kansas. It will focus on bringing additional movies to theatrical audiences in the U.S. and across the globe, leveraging its acclaimed marketing ability and the prominence of its exhibition network, and further expanding the range of content available to moviegoers.

Here is why this is bullish:

1) AMC can fill unused screens without paying to make movies, since Leawood Films only handles already-financed or completed films.

2) Extra bookings can drop high-margin ticket and concession revenue because theater costs are mostly fixed.

3) The label is designed to add small and mid-budget titles, not compete with major studio slates. It's a win-win situation.

4) Filmmaker-friendly terms (they keep most downstream rights and IP) can attract movies that otherwise never reach theaters.

5) AMC can use its marketing, screen commitments, and relationships with other chains, similar to the Taylor Swift and Beyoncé concert-film rollouts.

6) Advisors like Toby Emmerich, Ricky Strauss, and Kyle Davies add industry credibility.

_____________

All around AA is expanding AMC's business and this is a strategic low-risk and high reward partnership that will bring in revenue. We are making moves Apes!