A New Meme-Stock Frenzy Led AMC to Gold Mine Stake

Day traders looking to capitalize on commodity price volatility catalyzed a chain reaction that ended with movie theater giant AMC Entertainment Holdings Inc.’s unusual deal to take a stake in a gold-mining venture.

Hycroft Mining Holding Corp. , which owns large gold deposits in Nevada, was on the verge of bankruptcy a few weeks ago before it caught the attention of meme-stock traders online and then of AMC CEO Adam Aron, people familiar with the matter said.