Shares of AMC Entertainment Holdings Inc. kept soaring on massive volume Wednesday, as the movie theater operator is looking to engage directly with its “sizable retail shareholder base” with a new communication initiative, offering free popcorn for new members.
blasted 50.9% higher in midday trading, reaching an all-time intraday high of $49.50, to make it the biggest gainer on major U.S. exchanges. The stock has now quadrupled (up 400.7%) since May 21.
Trading volume ballooned to 337.0 million shares, compared with the full-day average over the past 30 days of about 142.1 million shares, and enough to make the stock the most actively traded on major U.S. exchanges.
AMC said it was launching AMC Investor Connect, to put the company in direct communication with its “extraordinary base of enthusiastic and passionate individual shareholders,” to keep them up to date about company information and to provide them with special offers.
The move comes as AMC’s retail shareholder base has grown to more than three million over the last several months, and owned more than 80% of the company’s outstanding shares.
“We intend to communicate often with these investors, and from time to time provide them with special benefits at our theatres,” said Chief Executive Adam Aron. “We start with a free large popcorn on us, when they attend their first movie at an AMC theatre this summer.”
To sign up for AMC Investor Connect, investors must enroll as an AMC Stubs member, which includes AMC Stubs Insider, AMC Stubs Premiere and AMC Stubs A-List.
Some other investor benefits through AMC Investor Connect include invitations to special screenings, communications directly from CEO Aron and free or discounted items.
AMC’s stock has skyrocketed 2,180.2% year to date, while shares of fellow movie theater operator Cinemark Holdings Inc.
have advanced 35.3% and the S&P 500 index
has gained 12.2%.