AMC is buying a stake in troubled miner Hycroft Mining. The company could use a revamp. But, playing games now only undermines future plans that it has in store, writes JMAGuilford:
AMC Entertainment, the world’s largest operator of movie theaters, said on March 15 that it had agreed to acquire 22% of gold and silver miner Hycroft Mining for $28 million. Billionaire Eric Sprott will invest an additional $28 million alongside AMC.
Formerly known as Allied Nevada, Hycroft Mining emerged from bankruptcy in October 2015. It went public in June 2020 through a merger with special-purpose acquisition company Mudrick Capital Acquisition. Shares have since declined, hitting a low of around $0.28 in March. Distressed investment fund Mudrick Capital is Hycroft’s largest shareholder, holding around 40% of the company.
Mudrick previously agreed to acquire 8.5 million shares of AMC in June 2021 for $230.5 million. The fund sold its stake shortly thereafter, according to Bloomberg News.An AMC theatre is pictured in Times Square in the Manhattan borough of New York City, New York, U.S., June 2, 2021.
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