T. Paulson

Yesterday, we announced that AMC fully completed its $350 million “at the market” equity raise which commenced November 9. That brings the total cash raised since September 1 to $675 million, and to a total of $865 million cash raised in calendar year 2023. All three figures are prior to bankers commissions, legal fees and related costs. We realize that there are some who question these strategies in social media, and sometimes loudly. But they do not shoulder the responsibility of guiding a multi-billion dollar enterprise through highly challenging circumstances, and they fundamentally do not understand how absolutely vital — indeed essential — it is that AMC have robust cash reserves. Having ample cash on hand is the single best arrow in our quiver to withstand the pressures caused by an industry-wide box office that is still more than 20% below pre-COVID levels combined with five months of writers and actors strikes that crippled film production in 2023. Our successfully raising a boatload of cash is extremely good news to relay to those who care about AMC’s future, and correspondingly extremely bad news to those who wish AMC harm.