AMC Entertainment Holdings (AMC) stock surged 33% following the successful opening weekends of the films “Barbie” and “Oppenheimer.” “Barbie” scored the largest opening weekend domestic box office for a female-directed movie ever, with $162 million, while “Oppenheimer” brought in $82 million. The increase in AMC’s stock also comes after a Delaware State Court ruling against the movie theater chain’s board on stock conversion. This surge marks AMC’s latest peak in a rollercoaster ride, fluctuating from nearly $2 per share to a meme stock king and back to single digits.

AMC Stock Soars with ‘Barbie’, ‘Oppenheimer’ Openings & Favorable Court Ruling

AMC Entertainment Holdings Sees Significant Stock Surge Following Blockbuster Openings

AMC Entertainment Holdings (AMC) stock closed up 33% at $5.85 on Monday, marking the first trading day after the blockbuster opening weekends of “Barbie” and “Oppenheimer.” This surge also followed a ruling against the movie theater chain’s board on stock conversion. The stock’s rise is the latest peak in a rollercoaster ride for the company, which has seen its value fluctuate from nearly $2 per share to becoming a meme stock king and back to single digits.

The ‘Barbenheimer’ Phenomenon

The opening weekend of “Barbie” brought in a record-breaking $162 million domestically, marking the most significant domestic box office for a female-directed film ever. “Oppenheimer” also had a strong start, bringing in $82 million during its opening weekend, according to The Hollywood Reporter.

The ‘Barbenheimer’ phenomenon, named after the two films, inspired a ‘crazy, weird’ double feature that saw AMC theaters filled for the first time in over three years. Nearly 8 million moviegoers worldwide flocked to AMC theaters over the weekend, making it the most attended weekend since 2019. The company credited the pair of highly-anticipated films for this success, noting that 87,000 Stubbs reward program members booked a double bill.

‘Barbenheimer’ Boosts AMC’s Bottom Line

AMC Theaters also reported the second-highest concessions sales in the company’s history on the ‘Barbenheimer’ Saturday, falling only behind the opening Saturday for “Avengers: Endgame.” AMC Chairman and CEO Adam Aron stated that the success of ‘Barbie’ and ‘Oppenheimer’ demonstrated that well-made, well-marketed films that captivate audiences can open on the same weekend and enjoy great success.

Court Holds AMC Stock Conversion

Another factor contributing to AMC’s stock surge was a Delaware State Court decision preventing the company from converting equity into common stock. The conversion was part of an agreement to settle a lawsuit against the company by Allegheny County Employees’ Retirement System, claiming that the board breached its fiduciary duty. However, Delaware judge Morgan Zorn rejected the plan, stating that it did not account for the rights of shareholders not included in the lawsuit.

Meme Stock Madness

AMC was one of several companies swept up in the 2021 meme stock market, where retail investors purchased stocks shorted by institutional investors. The stock hit an all-time high of $72.62 in June of 2021, allowing the company to raise capital and stave off bankruptcy. Since then, the price of AMC shares has largely slid, with the stock trading at $5.85 per share by the time the market closed Monday, down about 23% from AMC’s high point this year.

In response to the court’s judgment, Aron emphasized his belief that the company needs financial flexibility. “AMC must be in a position to raise equity capital. To protect AMC’s shareholder value over the long term, we MUST be able to raise equity capital,” Aron wrote in a statement published to his Twitter account Sunday.

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