My guess is those puts will pay off handsomely, assuming the premium wasn’t insanely high. Bubbles never last forever & the meme stock bubble is starting to get long in the tooth. More specifically to AMC, it seems to me that the “To the moon!” short-squeeze the apes have been calling for months now (AMC $100-1000+) isn’t going to materialize & with the stock breaking down from that triangle pattern, the lower AMC falls, the more the selling is likely to accelerate as the “all-in” apes that bought heavily on margin start to get margin calls which in turn leads to forced selling. Plenty of work still to be done but if AMC can take out 36 with conviction, it should be a quick ride down to 20.