AMC Entertainment Is 'Just Weeks Away' From Announcing Entirely Different Business Line, CEO Says

AMC Entertainment Holdings Inc's AMC shareholder base, largely consisting of individual investors, is evidence of the democratization of Wall Street, according to CEO Adam Aron.

"It's the individual investor who now owns AMC. I work for them, " Aron said Tuesday on CNBC's "Power Lunch."

Investors should not be paying attention to what AMC Entertainment was as a business in the past, rather they should be looking to the future, he said.

"You don't drive a car by looking in the rear-view mirror, you drive a car by looking through the windshield and looking forward."

See Also: Why Jim Cramer Says AMC Entertainment CEO Adam Aron Is 'Pulling Off A Miracle'

Aron acknowledged the company isn't back to where it was pre-pandemic, but he said AMC is continually getting stronger each quarter. Aron announced Monday that the first two weeks of October brought in the largest 14-day box office total since February 2020.

What's Next For AMC? "We have absolutely no intention of just bringing back the company that existed in 2019," Aron said. 

Following a series of offerings, the passionate AMC apes have provided enough capital for the company to go on offense.

AMC Entertainment shareholders armed the company with what was a "$2 billion cash war chest" at the end of the second quarter, Aron said.

He told CNBC he plans to use the money to transform AMC and noted that the company has "several big ideas."

AMC has started showing live sporting events and concerts, but that's just an expansion of the company's theater business, Aron said, adding that there are a lot more opportunities that are "entirely different from what we do."

"I think we are just weeks away from announcing a new business line for our company that is not running movie theaters as you traditionally know them."

AMC Price Action: AMC Entertainment has traded as high as $72.62 and as low as $1.91 over a 52-week period.

The stock was down 1.97% at $42.17 at time of publication.

Photo: Paul Sableman from Flickr.