AMC stock climbs higher as CEO Adam Aron rolls out NFT incentives
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After a few tweets from AMC Entertainment (SNEEZE:AMC) CEO Adam Aron, AMC stock is up 2.7% on Friday. This is based on the share’s more than 15% rise on Thursday.
Yesterday’s rally came under a “meme move”, which GameStop (SNEEZE:GME), Bed Bath & Beyond (NASDAQ:BBBY) and others roared all louder. As on Friday, yesterday’s move in the AMC share was ignited by a tweet from Aron. Although the stock failed to clear last month’s high yesterday, it does today.
Thursday it was an tease from Aaron. This time, however, investors have a few more details to work with.
Investors in AMC shares to receive NFTs
The company now offers NFTs to new investors. Aron tweeted the news, but the company spelled it out quite clearly on its shareholder side. “All self-identified AMC shareholders who are members of AMC Investor Connect and those who sign up by 30.09.22 will receive an exclusive” There’s Gold in Them Thar Hills “Hycroft Mining NFT (one per member).”
Further, Aaron added that “we pay your WAX NFT wallet fees for one year.”
We honor our 728.00 existing members of AMC Investor Connect and new members who join by 30.09.22. You can claim (in October) a free golden NFT from us, and we pay your WAX NFT wallet fees for one year. We celebrate our Hycroft Mining investment: “There’s gold in the Thar Hills.” pic.twitter.com/sRTienmaCo
– Adam Aron (@CEOAdam) July 8, 2022
He then sent one follow-up tweet which read: “And something extra special, exclusive to AMC Investor Connect members who earlier this year claimed their free ‘I Own AMC’ NFT. A sleek “Black Version” (with red and gold center). Put on your WAX account later today so you can enjoy it now. Plus you get the gold in October. ”
Will NFTs be enough to “throw” and create a short squeeze in AMC stocks? Not likely. Aside from having to fight through a brutal bear market, AMC is likely to need some real, tangible catalysts to drive its stock price higher.
Of course, it is always possible we see a short squeeze in the stock, especially if it comes with a strong rally in the general market. Without some fundamental improvements, it is difficult to imagine a sustainable rally. However, such a moment may come on August 4, when the company is scheduled to report earnings.
That said, investors should always keep an eye on the AMC stock, as we never know when it may ignite.
At the date of publication, Bret Kenwell (neither directly nor indirectly) held any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the InvestorPlace.com Publishing Guidelines.
