AMC jumps about 6%, on track for 42% move over 4 days

National CineMedia

11/04/2023 20:30

NEW YORK, Dec 1 (Reuters) - ** Shares of AMC
Entertainment Holdings Inc  AMC.N  up about almost 6% on Tues
and on track for highest close in a month following recent gains
    ** National Cinemedia Inc  NCMI.O  up ~54% after AMC late on
Mon disclosed it holds a 9.1% passive stake in the
theater-focused advertising co. NCMI market cap now at ~$17 mln
    ** Also on Mon, AMC said it recorded its busiest weekend in
2023, with over 3.6 mln people attending movies at its U.S.
locations from Fri to Sun
    ** AMC has been rising sharply since a U.S. court last Wed
denied its request to lift a status quo order preventing the
conversion of its preferred stock into common shares 
    ** Stock on track for fourth straight day of gains having
risen ~42% in that timeframe 
    ** Some shareholders have opposed AMC's plan to convert the
preferred shares on grounds it would dilute the value of common
shares
    ** Popular with retail investors on social media, AMC
remains down ~85% from its record high close in June 2021

 (Reporting by Noel Randewich)