AMC Cinema Chain Files to Offer 50 Million More Shares
AMC Entertainment Holdings Inc., the world’s largest cinema operator, plans to offer as many as 50 million more shares as it tries to stave off a bankruptcy filing.
The offering adds onto 200 million shares the Leawood, Kansas-based company registered earlier this month, it said in afiling Tuesday. AMC warned again in the new document that it might have to seek an in-court or out-of-court restructuring, which could wipe out its equity investors.
Movie-theater owners have been hit hard by the coronavirus pandemic. The superhero sequel “Wonder Woman 1984” had the biggest theatricalopening of the crisis last weekend but generated just $16.7 million at the North American box office. Its studio,AT&T Inc.’s Warner Bros., said only 39% of U.S. cinemas were open, at limited capacity.
AMC shares were up 1.3% to $2.32 in premarket trading Wednesday. The stock has fallen for the past seven trading sessions and is down 68% for the year.
Crypto-Linked Stocks Extend a Rally That Has Produced 400% Gains
Cryptocurrency-linked stocks rose Wednesday as Bitcoin headed for itsbiggest monthly gain since 2019, extending a rally that’s seen some companies’ shares more than quintuple since the end of October.
Marathon Patent Group Inc., which has soared 444% over the past two months, added another 7.6% in premarket trading.Riot Blockchain Inc. rose 4.2% Wednesday after gaining 383% since Oct. 30. AndBit Digital Inc., which surged 81% on Monday alone, jumped another 15% premarket.
The price of Bitcoin briefly rose above $28,000 Wednesday to a record high, bringing its December gain to more than 40%. Other cryptocurrencies have also surged, with the Bloomberg Galaxy Crypto Index up 263% in 2020.
Some investors see Bitcoin as a gold-like hedge against inflation and U.S. dollar weakness, while others see it as too speculative to provide a safe haven.
Ugandan Opposition Leader Arrested Days Before Jan. 14 Vote
Ugandan authorities have arrested opposition leader Robert Kyagulanyi and his campaign team just two weeks before elections, the popstar-turned-politician said on Twitter.
The presidential candidate popularly known as Bobi Wine has been arrested several times in the last two years on various charges including treason. An arrest last month sparked off riots in which dozens of people were killed. Kyagulanyi often criticizes long-time President Yoweri Museveni for failing to tackle corruption and unemployment, and the government’s human rights record.
Police spokesman Fred Enanga declined to comment as his office was yet to be briefed on the arrest.
CEL-SCI Corp. Posts Wider Loss In FY20 – Quick Facts
CEL-SCI Corp. (CVM) reported a net loss of $30.3 million for fiscal 2020 compared to a
net loss of $22.1 million, last year. The company said the increase in net loss was
predominantly due to an increase in research and development expenses by approximately $5.2 million, or 41%, and an increase in general and administrative expenses by approximately $3.7 million, or 46%, from previous year. Loss per share was $0.82 compared to a loss of $0.71.
CEL-SCI raised net proceeds of approximately $25.8 million during fiscal 2020 through the sale of common stock and the exercise of warrants and options. In December 2020, the company raised an additional $14.7 million.
Colorado ski resorts work to stay open as COVID-19 surges across country
Watsco Says 2020 Annual Sales Exceed $5 Bln – Quick Facts
Watsco, Inc. (WSO), a distributor of heating, air conditioning and refrigeration or HVAC/R products, said Wednesday that its 2020 annual sales have exceeded $5 billion.
“We started this journey in 1972 building on a $5 million manufacturing business in Hialeah, Florida. Then in 1989, we changed course and acquired our first HVAC distributor. We liked the distribution business, sold the manufacturing business and went to work,” Watsco Chairman and Chief Executive Officer Albert Nahmad said in a note to the company’s more than 5,700 employees and 1,000 supplier partners.
Nahmad noted that Watsco has an immense opportunity to grow as industry sales in the U.S. alone are estimated to be $40 billion.
Stock Alert: Tencent Music Entertainment Climbs To New 52-week High
Shares of Tencent Music Entertainment Group (TME), an online music entertainment platform in China, are gaining almost 6 percent or $1.11 in Wednesday’s morning trade at $20.05, after hitting a new 52-week high of $20.18 despite the absence of any company-centric news.
U.S. stocks are rising on Wednesday following news that a coronavirus vaccine developed by AstraZeneca plc and the University of Oxford has been approved by U.K. regulators for emergency use.
Tencent Music has traded in a range of $9.22 to $20.18 in the past 52 weeks.