AMC

AMC Entertainment Holdings, Inc.
Country: USIndustry: Entertainment
$1.61|$-0.12 (-6.94%)
MC: $825.84M

The company has a very strong cash position, but has recently doubled its authorized shares and maintains significant convertible debt and a new ATM program. These actions create a high risk of significant future dilution for shareholders.

Float & OS: 510,748,848 / 512,943,561
Est. Runway: ~26 months

Risk Metrics

Overall Risk
HIGH
Offering Ability
SEVERE
Cash Need
LOW
Float Risk
HIGH

Dilution Data

Warrants

  • No warrants that would dilute common stock were identified in the filings. The company holds warrants in another entity as an investment asset.

Convertible Notes

  • Senior Secured Exchangeable Notes due 2030: An indenture amendment has altered the "Exchange Rate" definition to "$1,000 divided by 87.5% of the Unadjusted Exchange Price," which is subject to further adjustments. This change affects the number of shares issued upon exchange.
  • 6.00%/8.00% Cash/PIK Toggle Exchangeable Notes: Approximately $107.3 million in principal remains outstanding.
  • New Exchangeable Notes: Approximately $154.5 million in principal remains outstanding and became exchangeable following shareholder approval for the authorized share increase.
  • The total number of shares to be issued upon conversion for all notes is now subject to the amended, more dilutive exchange rate.

ATMs

  • The company previously sold all 50.0 million shares authorized under a prior agreement, raising $63.0 million in gross proceeds from the sale of 17.1 million shares during the nine months ended September 30, 2025.
  • A new "at-the-market" (ATM) offering program is planned, allowing for the sale of common stock for aggregate net proceeds up to $150,000,000. This program cannot commence before February 2, 2026.

Additional Notes

  • Authorized Share Increase: Stockholders approved an increase in authorized Class A common stock from 550,000,000 to 1,100,000,000 shares on December 10, 2025, significantly expanding the company's ability to issue new equity.
  • Stock-Based Compensation: As of September 30, 2025, there were 6,761,780 nonvested RSUs and PSUs outstanding. An additional 3,000,921 PSUs were awarded for future years, representing further potential dilution.
  • Consent Fee: A $6,250,000 consent fee related to the convertible note indenture amendments will be paid in shares of common stock. The number of shares will be determined by a 60-day VWAP starting December 22, 2025.
  • Forward Sales: A forward sale of 30,000,000 shares was completed, with the valuation period ending in March 2025. This represents a past dilutive event.