AMC Entertainment (NYSE: AMC) expects to have 99% of its U.S. cinemas open by Friday the 26th of March, the company said on Wednesday.
AMC shares are trading higher premarket following the announcement, up 3.02% at $13.97.
The cinema chain said it will have 98% of its U.S. locations open beginning Friday, the 19th of March, with one of its new theatre’s, AMC Porter Ranch 9 at The Vineyards at Porter Ranch, opening on the same date.
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More than 40 AMC locations in California are reopening beginning Friday, the 19th of March, including all 25 sites in Los Angeles County and all eight San Diego County locations.
A year ago, the company closed all of its theatres in the U.S. following the coronavirus outbreak.
Its shares initially fell to lows of $1.95 but saw a rally at the end of January when retail investors piled into the stock, causing it to reach highs of $20.36.
“It gives me immense joy to say that by the end of next week, we expect that 99% of our U.S. locations will have reopened,” said Adam Aron, CEO and President of AMC.
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