Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In January 2026, the Company received $40.4 million from the 2025 2-Year Warrant holders for the exercise of the outstanding 6,779,910 shares of the Private Placement Warrants that were exercised, in line with the Notice of Required Exercise of Common Stock Purchase Warrant to the remaining Private Placement that was issued to the warrant holders on December 14, 2025. As of January 2026, there are no more 2025 2-Year Warrants outstanding.

On January 27, 2026, the Company’s Compensation Committee and Board of Directors approved a discretionary compensation award of $4.5 million for extraordinary performance in raising capital and restructuring the Company’s balance sheet, including repaying debt at a discount. Also on January 27, 2026, the Company’s Compensation Committee and Board of Directors approved a true up for shortfalls in prior year's targeted equity grants. The true-up was comprised of a $10.3 million cash payment and equity awards of 1,434,776 restricted stock units vesting over two years with an aggregate grant-date value of

$72.5 million. Because the extraordinary bonus and the equity awards were approved after December 31, 2025, no amounts were accrued in the accompanying financial statements.

On February 11, 2026, AMC exercised 10,008,240 March 2022 Private Placement Warrants (exercise price of $1.0680 per warrant). After giving effect to the 1-for-10 reverse stock split effective November 14, 2023, the warrants were exercisable for an aggregate of 1,000,824 shares of common stock (at a ratio of 10 warrants per one share of common stock).The warrants were exercised on a cashless basis using the 10-day average market price, as defined in the warrant agreement, of $45.41 per share, resulting in the issuance of 765,440 shares of common stock.