National CineMedia stock rockets after AMC discloses more than 9% stake

Shares of National CineMedia Inc.
NCMI,
-0.37%
more than doubled in very active trading, after AMC Entertainment Holdings Inc.
AMC,
+6.94%
disclosed that it has taken a large stake in the cinema advertising platform. AMC said late Monday that it owned 16.58 million National CineMedia shares, or 9.1% of the shares outstanding. That makes AMC the second-largest shareholder, behind fellow movie theater operator Cinemark Holdings Inc.
CNK,
+6.57%,
which disclosed a week earlier that it owned 48.54 million shares, or 27.4% of the shares outstanding. National CineMedia’s stock rocketed 116.5% on volume of 15.2 million shares ahead of the open, which compares with the full-day volume of about 5.2 million shares. AMC shares rose 1.7% in premarket trading. The company has filed for a delay in filing its annual report, as it is engaged with certain lenders, and as those discussions could have a material impact on its disclosures. The company said in its latest quarterly filing in November that there was “substantial doubt” about its ability to continue as a going concern. National CineMedia’s stock has plunged 56.0% over the past three months, while the S&P 500
SPX,
+0.10%
has gained 3.5%.