What happened Shares of AMC Entertainment Holdings (NYSE: AMC) have been on a wild ride: from closing during the pandemic, to becoming a WallStreetBets forum favorite, to announcing reopening progress. The stock jumped again Monday, with shares up almost 22% as of 11 a.m. EDT. So what Today brought company news on two fronts. First, Dalian Wanda Group, the Chinese controlling shareholder, has given up its majority control, while still remaining the company's largest shareholder. But perhaps more related to the stock move, the company announced that it is starting to reopen its theaters in the important Los Angeles market today. Image source: Getty Images. Now what The struggling theater operator has raised capital to keep it afloat until business restarts. Now that is happening, and investors are showing approval. The company's Burbank and Century City locations in Los Angeles County are reopening this afternoon. And AMC is planning to open all its remaining 23 movie theaters in Los Angeles beginning on March 19. Also, pending local officials' approval, the company said it hopes that all 53 California locations will be open by March 19. "The reopening of movie theatres in Los Angeles County and throughout California is a momentous occasion for AMC Theatres, for our guests, for our associates, for our studio partners," AMC CEO and president Adam Aron said in a statement. He noted that the Los Angeles market is about double the size of the New York City market. It being physically near the movie production studios is also symbolically significant. Investors are cheering both the reopening progress, as well as the fact that shareholders can now meaningfully vote their shares, rather than control being with the former owner. 10 stocks we like better than AMC Entertainment HoldingsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and AMC Entertainment Holdings wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source