Discovery Capital Management and related parties have disclosed a sizable stake in AMC Entertainment Holdings, Inc. They report beneficial ownership of 32,746,487 shares of AMC Class A common stock, representing 6.0% of the class as of the event on 12/11/2025. This amount includes 29,848,243 shares issuable upon conversion of a convertible note. Discovery Global Opportunity Master Fund, Ltd. separately reports beneficial ownership of 29,852,540 shares, or 5.5% of the class, including 27,188,764 shares issuable on conversion of a convertible note.
The securities are directly owned by advisory clients of Discovery Capital Management, LLC, with voting and dispositive power shared among the reporting entities and their principal, Robert K. Citrone. The filers state the holdings were not acquired and are not held for the purpose of changing or influencing control of AMC.
Positive
None.
Negative
None.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AMC Entertainment Holdings, Inc.
(Name of Issuer)
Class A common stock
(Title of Class of Securities)
00165C302
(CUSIP Number)
12/11/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
00165C302
1
Names of Reporting Persons
Discovery Capital Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CONNECTICUT
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
32,746,487.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
32,746,487.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
32,746,487.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: Includes 29,848,243 shares of Class A common stock issuable on the conversion of a convertible note.
SCHEDULE 13G
CUSIP No.
00165C302
1
Names of Reporting Persons
Robert K. Citrone
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
32,746,487.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
32,746,487.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
32,746,487.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Includes 29,848,243 shares of Class A common stock issuable on the conversion of a convertible note.
SCHEDULE 13G
CUSIP No.
00165C302
1
Names of Reporting Persons
Discovery Global Opportunity Master Fund, Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
29,852,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
29,852,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
29,852,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.5 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Includes 27,188,764 shares of Class A common stock issuable on the conversion of a convertible note.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
AMC Entertainment Holdings, Inc.
(b)
Address of issuer's principal executive offices:
One AMC Way, 11500 Ash Street, Leawood, KS 66211
Item 2.
(a)
Name of person filing:
Discovery Capital Management, LLC
Robert K. Citrone
Discovery Global Opportunity Master Fund, Ltd.
(b)
Address or principal business office or, if none, residence:
Discovery Capital Management, LLC
20 Marshall Street, Suite 310
South Norwalk, CT 06854
United States of America
Robert K. Citrone
c/o Discovery Capital Management, LLC
20 Marshall Street, Suite 310
South Norwalk, CT 06854
United States of America
Discovery Global Opportunity Master Fund, Ltd.
c/o Discovery Capital Management, LLC
20 Marshall Street, Suite 310
South Norwalk, CT 06854
United States of America
(c)
Citizenship:
Discovery Capital Management, LLC - Connecticut
Robert K. Citrone - United States
Discovery Global Opportunity Master Fund, Ltd. - Cayman Islands
(d)
Title of class of securities:
Class A common stock
(e)
CUSIP No.:
00165C302
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Discovery Capital Management, LLC - 32,746,487
Robert K. Citrone - 32,746,487
Discovery Global Opportunity Master Fund, Ltd. - 29,852,540
(b)
Percent of class:
Discovery Capital Management, LLC - 6.0%
Robert K. Citrone - 6.0%
Discovery Global Opportunity Master Fund, Ltd. - 5.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Discovery Capital Management, LLC - 0
Robert K. Citrone - 0
Discovery Global Opportunity Master Fund, Ltd. - 0
(ii) Shared power to vote or to direct the vote:
Discovery Capital Management, LLC - 32,746,487
Robert K. Citrone - 32,746,487
Discovery Global Opportunity Master Fund, Ltd. - 29,852,540
(iii) Sole power to dispose or to direct the disposition of:
Discovery Capital Management, LLC - 0
Robert K. Citrone - 0
Discovery Global Opportunity Master Fund, Ltd. - 0
(iv) Shared power to dispose or to direct the disposition of:
Discovery Capital Management, LLC - 32,746,487
Robert K. Citrone - 32,746,487
Discovery Global Opportunity Master Fund, Ltd. - 29,852,540
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
All of the securities reported in this Schedule 13G are directly owned by advisory clients of Discovery Capital Management, LLC. None of those advisory clients, other than Discovery Global Opportunity Master Fund, Ltd. may be deemed to beneficially own more than 5% of the Common Stock, $0.01 par value.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Discovery Capital Management, LLC
Signature:
By: /s/ Robert K. Citrone
Name/Title:
Robert K. Citrone / Principal
Date:
12/18/2025
Robert K. Citrone
Signature:
By: /s/ Robert K. Citrone
Name/Title:
Robert K. Citrone
Date:
12/18/2025
Discovery Global Opportunity Master Fund, Ltd.
Signature:
By: /s/ Robert K. Citrone
Name/Title:
Robert K. Citrone / Director
Date:
12/18/2025
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
Exhibit Information
Material to be Filed as Exhibit:
Exhibit A - Joint Filing Agreement
What ownership stake in AMC (AMC) did Discovery Capital report?
Discovery Capital Management, LLC and Robert K. Citrone reported beneficial ownership of 32,746,487 shares of AMC Class A common stock, representing 6.0% of the class as of the 12/11/2025 event date.
How much of AMC (AMC) stock does Discovery Global Opportunity Master Fund, Ltd. own?
Discovery Global Opportunity Master Fund, Ltd. reported beneficial ownership of 29,852,540 shares of AMC Class A common stock, equal to 5.5% of the outstanding class.
How many AMC (AMC) shares are tied to Discovery’s convertible note?
The filing states that the reported holdings include 29,848,243 shares of AMC Class A common stock issuable upon conversion of a convertible note for Discovery Capital Management, LLC and Robert K. Citrone, and 27,188,764 shares issuable upon conversion of a convertible note for Discovery Global Opportunity Master Fund, Ltd.
Does Discovery Capital seek to influence control of AMC (AMC)?
The filers certify that the securities were not acquired and are not held for the purpose of changing or influencing the control of AMC and are not held in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.
Who directly owns the AMC (AMC) shares reported in this Schedule 13G?
The filing explains that all of the securities reported are directly owned by advisory clients of Discovery Capital Management, LLC. Other than Discovery Global Opportunity Master Fund, Ltd., none of those clients may be deemed to beneficially own more than 5% of AMC’s common stock.
What voting and dispositive powers does Discovery Capital have over AMC (AMC) shares?
Discovery Capital Management, LLC and Robert K. Citrone report shared voting power and shared dispositive power over 32,746,487 shares, with no sole voting or dispositive power. Discovery Global Opportunity Master Fund, Ltd. reports shared voting and dispositive power over 29,852,540 shares and no sole power.
