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AMC Entertainment Stock Rises As 99% Of Locations Set To Open By 26th March

Sam Boughedda trader
Updated 18 Mar 2021

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AMC Entertainment Holdings Inc (NYSE: AMC)

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.

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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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.