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AMC Raises $250 Million in Stock Sale Amid Meme Rally

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AMC Completes $250 Million Stock Sale During Meme Rally

AMC Entertainment has successfully raised approximately $250 million in new equity capital through a stock sale completed on Monday. This move coincided with the resurgence of the meme stock craze, which was ignited by the reemergence of “Roaring Kitty.”

The movie theater operator conducted an at-the-market equity offering starting from March 28, through which it sold 72.5 million shares. The filing revealed that the average price per share, before factoring in commissions and fees, stood at $3.45.

Shares Surge 30% Following Equity Sale

Following the announcement of the stock sale, AMC’s shares experienced a significant surge, jumping by 32% on Tuesday. At one point during the session, the stock more than doubled in value, leading to a temporary halt in trading due to heightened volatility.

On Monday, the company’s shares opened at $3.52, marking a 21% increase from the previous Friday. This notable uptick likely influenced AMC’s decision to finalize the equity sale at the heightened prices. Amidst the day’s frenzied trading activity, AMC’s stock soared to an intraday high of $5.88, ultimately closing the session with a remarkable surge of over 78% at $5.19.

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