Why AMC Stock Is Moving Higher Today

AMC Entertainment Holdings, Inc. AMC stock is seeing an upward bounce in pre-market trading on Wednesday.

The movie theater chain announced late Tuesday that it has agreed to buy and operate seven locations in Connecticut, upstate New York and Annapolis, Maryland. The company expects to begin operations at four of these locations on April 21, with the remaining scheduled to open in the coming weeks.

This is in addition to the seven theaters the company recently acquired in Los Angeles, San Diego, Washington D.C and Chicago.

AMC also said it is in active discussions to acquire additional locations.

"Today's announcement is exciting for AMC, our shareholders and many moviegoers in the northeastern United States. Our theatre acquisition strategy makes AMC a better and stronger company as we move forward on our glidepath to recovery," said Adam Aron, CEO of AMC.

The theater chain recently caught everyone by surprise when it announced a 22% stake purchase in gold and silver miner Hycroft Mining Holding Corporation HYMC.

Price Action: AMC shares traded 1.49% higher at $17.68 in premarket trading on Wednesday, according to data from Benzinga Pro.

Related Link: AMC In Discussions To Refinance High-Interest Debt To Clean Up Balance Sheet: Report