AMC Entertainment (AMC) shares climbed roughly 7% on Friday after Chief Executive Officer Adam Aron publicly accused Robinhood Markets of backing unauthorized tokenized versions of AMC stock.

The stock traded at $2.68 in premarket action on Friday, up 5.57%, before extending gains through the session.

Aron's Public Attack on Robinhood

Posting on X on Thursday, Aron said Robinhood "apparently is behind an effort related to 'tokenized real-world assets including Stock Tokens'" covering AMC and more than 190 other companies. He stated that AMC has "no connection to this at all" and does "not condone it in any way."

Robinhood apparently is behind an effort related to "tokenized real-world assets including Stock Tokens" for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous,…

— Adam Aron (@CEOAdam) September 3, 2026 (source post)

Aron described the practice as "contemptible" and "outrageous," adding that AMC's outside securities counsel would review whether the company could compel Robinhood to stop.

The dispute lands amid a broader industry debate over tokenized equities, as brokerages and crypto platforms have raced to offer blockchain-based versions of stocks to retail investors. Robinhood first launched its Stock Tokens product in the European Union in mid-2025, marketing it as a way for EU users to gain exposure to U.S. equities without holding the underlying shares.

What Are the Tokens?

According to Robinhood's website, the Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited, a company incorporated in Jersey. The tokens are not registered under U.S. securities laws and cannot be offered or sold to U.S. persons.

Robinhood CEO Vlad Tenev responded to Aron's post with a single public question: "What's the concern?"

Aron replied that the implications were "almost existential," arguing that the tokens could undermine the relationship between genuine share ownership and a company's ability to raise capital. He also noted that stock ownership grants shareholders voting rights, whereas the tokens offer economic exposure only, with no legal ownership rights.

Aron called on Robinhood to "CEASE AND DESIST" trading AMC tokens immediately.

For AMC in particular, the dispute touches a sensitive history: the company became a centerpiece of the 2021 retail-trading surge, when a wave of individual investors organized on social media bought its heavily shorted stock. Aron has long cultivated that retail shareholder base directly through X, making his public confrontation with Robinhood consistent with his past communications style.

Leawood Films Adds Another Story

Separately, AMC announced the launch of Leawood Films, a new distribution company focused on bringing small and medium-sized films to theaters. The venture will not fund production or develop scripts; instead, it will distribute fully financed or completed movies using AMC's existing theater network and marketing reach.

The move follows a strong second quarter for AMC, driven by blockbuster releases including The Odyssey and Spider-Man: Brand New Day, which helped push attendance to historic levels. Leawood Films builds on AMC's earlier distribution work on Taylor Swift and Beyonce concert films in 2023 and 2025. The venture also reflects a wider exhibition-industry push to diversify revenue beyond big-studio tentpoles, as theater chains seek content partnerships to smooth out box-office cycles.

Hollywood veterans Toby Emmerich, Ricky Strauss, and Kyle Davies will advise the venture. AMC expects initial releases no earlier than 2027 or 2028.

Technical Picture and Analyst Views

From a technical standpoint, AMC is trading above all key moving averages. The 50-day and 200-day simple moving averages crossed in a golden cross in July, and the relative strength index (RSI) sits at 50.46, a neutral reading.

Macquarie maintained a Neutral rating on Sept. 2 and raised its price target to $3. AMC carries a Hold consensus rating among analysts, with an average price forecast of $2.74.

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