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AMC, the stock of the retail investor, possibly involved with insider trading in Hycroft
Posted on 3/15/22 at 10:42 pm
Posted on 3/15/22 at 10:42 pm
AMC decided to invest in a mining company called Hycroft and announced the move today.
There is absolutely nothing shady going on with the trading volume in Hycroft leading up to the announcement though…
CNBC article
Good to see AMC looking out for the little guy that saved them from bankruptcy by buying stock indiscriminately. I’m sure it has nothing to do with Mudrick Capital, the same Mudrick Capital that bought $230 million of AMC shares when they issued more stock, then immediately flipped them during the run up in June. The same Mudrick that bought AMC debt and converted it to stock to sell during the February run up.
Oh, and look at that, the same Mudrick that took Hycroft public in a SPAC deal in 2020.
I look forward to Trey’s Trades and WSB doing a deep dive on the ethics of their unicorn.
There is absolutely nothing shady going on with the trading volume in Hycroft leading up to the announcement though…
quote:
Trading volume in Hycroft averaged hundreds of thousands of shares in the lead-up to March. Then, millions of shares in the company started to change hands daily. On Friday, days before the AMC announcement, trading volume in Hycroft exceeded 340 million shares – over five times the amount of shares it has outstanding.
The company’s share price also surged from just over 30 cents a week ago to nearly $1.40 the day before the announcement. There was no news about the company during that period.
…
Adam Aron, the CEO of AMC, cited legal advice and Hycroft’s volume when he explained why he canceled a live interview with CNBC’s Jim Cramer and David Faber on Tuesday morning. “I am excited about our investment in HYMC, but there has been so much volume in that stock today, lawyers insisted I stay off air,” Aron tweeted.
…
Between March 4 and March 15, the daily volume average was 144.9 million shares. Comparatively, from Feb 22 to March 3, a period that also includes eight trading days, the daily volume average was under 800,000 shares. Hycroft has over 60.4 million shares outstanding, according to FactSet.
CNBC article
Good to see AMC looking out for the little guy that saved them from bankruptcy by buying stock indiscriminately. I’m sure it has nothing to do with Mudrick Capital, the same Mudrick Capital that bought $230 million of AMC shares when they issued more stock, then immediately flipped them during the run up in June. The same Mudrick that bought AMC debt and converted it to stock to sell during the February run up.
Oh, and look at that, the same Mudrick that took Hycroft public in a SPAC deal in 2020.
I look forward to Trey’s Trades and WSB doing a deep dive on the ethics of their unicorn.
3
Posted on 3/16/22 at 1:26 am to slackster
Another jr miner pump and dump scam?
Posted on 3/16/22 at 6:49 am to PUB
I wish they’d buy Sli and save us
Posted on 3/16/22 at 7:36 am to slackster
Preliminary results just came out February 22nd which was right before the spike. Eric Sprott is also invested in this. It's one of the largest Tier 1 gold reserves in the world. Nice try making assumptions though.
Posted on 3/16/22 at 8:12 am to Buck_Rogers
quote:
Nice try making assumptions though.
No assumptions necessary. AMC’s biggest friend for 2021 was Mudrick, so AMC returned the favor.
Think about the absurdity of AMC moving into mining for any other reason.
It’s not at all shocking that you’re a believer.
This post was edited on 3/16/22 at 8:14 am
Posted on 3/16/22 at 8:28 am to slackster
Adam Aron has stated that he will be expanding the company and diversifying it. 1.5% of AMC liquidity of $1.8 billion was invested which has already seen gains. If they were just doing Mudrick a favor, I'd think they would offload it while it's up.
It's not at all shocking that you would take the time out to post something negative on AMC by using the word "possibility" in it. A lot of things are possible. What you say is possible is highly unlikely though.
quote:
It’s not at all shocking that you’re a believer.
It's not at all shocking that you would take the time out to post something negative on AMC by using the word "possibility" in it. A lot of things are possible. What you say is possible is highly unlikely though.
Posted on 3/16/22 at 8:41 am to Buck_Rogers
I watched a segment on this on CNBC yesterday. It's so random they couldn't even really discuss it, other than to talk about how little sense it made.
Also, why would the apes be excited about AMC buying shares in a different publicly traded company when they themselves could've bought shares if it's so great? In what universe is this the best way to deploy their capital, considering the half billion in debt they're carrying?
Also, why would the apes be excited about AMC buying shares in a different publicly traded company when they themselves could've bought shares if it's so great? In what universe is this the best way to deploy their capital, considering the half billion in debt they're carrying?
Posted on 3/16/22 at 8:48 am to Buck_Rogers
quote:The pre-announcement volume isn’t even the sketchiest part of this deal. It’s the fact that it’s a failing company, that has already gone through bankruptcy relatively recently, and likely on its way to it again, that AMC even said had a “liquidity problem” like its own company had a “liquidity problem” yet it still decided to buy a large stake in a company that has absolutely nothing to do with AMC or its business, even tangentially.
It's one of the largest Tier 1 gold reserves in the world. Nice try making assumptions though.
This is super sketchy, even if nothing illegal was done.
Posted on 3/16/22 at 8:52 am to Chucktown_Badger
quote:
n what universe is this the best way to deploy their capital, considering the half billion in debt they're carrying?
The same universe this board lives in when they recommend you not pay your mortgage off when you could make more by investing that money. Especially when inflation is higher than their interest rates. Like I said, they have $1.8 billion in liquidity. This investement was a fraction of that and could pay off. Everyone is speculating now. Let's revisit this in a month.
This post was edited on 3/16/22 at 8:57 am
Posted on 3/16/22 at 9:03 am to Buck_Rogers
I appreciate your commitment through thick and thin. A movie chain buys a large stake in a mining company and you’re optimistic and want to let it play out.
Seriously, your conviction is impressive, regardless of how asinine I find it.
Seriously, your conviction is impressive, regardless of how asinine I find it.
This post was edited on 3/16/22 at 9:04 am
Posted on 3/16/22 at 9:10 am to Chucktown_Badger
quote:Are you referring to hycroft’s debt or amc’s? I thought AMC had 5.5 billion off debt, so I assume it’s a reference to hycroft.
considering the half billion in debt they're carrying?
Posted on 3/16/22 at 9:23 am to Buck_Rogers
quote:
The same universe this board lives in when they recommend you not pay your mortgage off when you could make more by investing that money. Especially when inflation is higher than their interest rates. Like I said, they have $1.8 billion in liquidity. This investement was a fraction of that and could pay off. Everyone is speculating now. Let's revisit this in a month.
So if gold is the place to put money in the short or even long term, why not just buy physical gold? Why add in the uncertainty of the people, physical captital, board, etc, etc that a prospecting company brings?
Posted on 3/16/22 at 9:24 am to WDE24
quote:
Are you referring to hycroft’s debt or amc’s? I thought AMC had 5.5 billion off debt, so I assume it’s a reference to hycroft.
Sorry. I was actually referring to AMCs debt, and left off a zero
Posted on 3/16/22 at 9:26 am to Chucktown_Badger
quote:
So if gold is the place to put money in the short or even long term, why not just buy physical gold?
Everyone should own physical gold and/or silver. Mines have the potential of increasing in value exponentially higher than the rate a metal price increases.
Posted on 3/16/22 at 9:29 am to slackster
quote:
Seriously, your conviction is impressive, regardless of how asinine I find it.
Aron could announce that AMC was moving into the bottled farts business (because it was trending for a day) and people like Buck would drop in to tell us how smart the move is.
This post was edited on 3/16/22 at 9:30 am
Posted on 3/16/22 at 9:46 am to Chucktown_Badger
Nope. Like I've said, I'm not an "ape" and I look at both sides of the story. I'm not sure what provoked the sudden investment and neither is anyone on this board sure of. I made my money with AMC. If I ride it out to zero, I have lost nothing. If it does squeeze, because I do think it still has the potential, I'll make out like a bandit. If it doesn't squeeze and just continues along it's current path of adding profit, I'll still make out pretty damn good. I have nothing to lose, because I took a chance on it when people like you were saying it was a bad move and are still trying to justify it.
Posted on 3/16/22 at 9:50 am to Buck_Rogers
The majority of AMC shareholders are currently bagholders, because their wealth has been transferred...to people like Aron. They should care a lot.
Posted on 3/16/22 at 9:57 am to Chucktown_Badger
quote:
The majority of AMC shareholders are currently bagholders
You have no way of knowing this nor do I.
Posted on 3/16/22 at 11:03 am to Buck_Rogers
Look at the trading volume from the original run up when it went above today's share price and today. The vast majority of activity was above where it's currently at. And for every person bailing on the way down, someone had to grab those bags.
Here's another way to look at it...how many new shares have been issued in the past year or so? And what were those shares issued at?
OUCH.
ETA2: Greyparrot and Carlsoda were big "you'll see" guys, and look where they're at (where are they?) and where the stock is currently at now.
Here's another way to look at it...how many new shares have been issued in the past year or so? And what were those shares issued at?
quote:
Jun 3 2021 - AMC said it sold 11.55 million shares at an average price of approximately $50.85 per share in an at-the-market equity program launched earlier Thursday.
OUCH.
ETA2: Greyparrot and Carlsoda were big "you'll see" guys, and look where they're at (where are they?) and where the stock is currently at now.
This post was edited on 3/16/22 at 11:40 am
Posted on 3/16/22 at 11:42 am to Chucktown_Badger
So Hycroft is going to thank Aron for his massive investment by immediately diluting his position.
The more I read about this thing the more I think, holy shite, this is an incredible example of the uber rich playing games at the expense of retail investors.
quote:
Hycroft Mining (HYMC +28.1%) is planning to announce an at-the-money stock offering as soon as Tuesday, Bloomberg reports, after AMC Entertainment said it would buy a 22% stake in the company.
Hycroft, which owns the Hycroft Mine in northern Nevada that the company says contains 15M oz of gold and 600M oz of silver, also received an investment from precious metals investor Eric Sprott.
The miner had been considering raising fresh capital after it caught the attention of retail traders on Reddit in recent weeks, according to the report.
Hycroft Mining "has a high debt load and is in pre-commercial scale operations, which means that it's in trouble financially and won't benefit much from high gold prices," Gold Panda writes in a bearish analysis posted recently on Seeking Alpha.
The more I read about this thing the more I think, holy shite, this is an incredible example of the uber rich playing games at the expense of retail investors.
This post was edited on 3/16/22 at 11:47 am
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