- AMC Entertainment Holdings Inc (NYSE: AMC) approved bonuses for its top executives and eligible employees. These are the details.
AMC Entertainment Holdings Inc (NYSE: AMC) approved bonuses for its top executives and eligible employees, according to a Form 8-K SEC filing. AMC said that bonuses were approved in order to “recognize the extraordinary efforts of employees to maintain the company’s business and preserve stockholder value during the COVID-19 pandemic, encourage continued engagement and retention, and incentivize our management and employees during the continuing and unprecedented difficult business conditions.”
The bonus amount paid to CEO Adam Aron was $3.75 million. And AMC CFO Sean Goodman received $507,500. John McDonald (EVP of US/Canada Operations), Elizabeth Frank (EVP and chief content officer), and Stephen Colanero (EVP and chief marketing officer) received bonuses between about $173,875 and $194,550.
AMC had narrowly avoided bankruptcy during the pandemic by setting up debt restructuring deals. Short sellers were also driving the stock price downwards throughout 2020. But in late January, the r/WallStreetBets community on Reddit fueled a short squeeze that sent the stock price up. On January 15, AMC’s stock price was at $2.33 and it jumped up over 750% as it hit $19.90 on January 27. As of February 26, AMC’s stock price was $8.01.
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