AMC sells $250 million in new shares to clowns and fools. Meme stocks are exploding again.

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  • The movie theater operator sold 72.5 million shares in an equity offering launched in March.
  • The $250 million stock sale was finalized Monday during a revived meme stock craze triggered by the return of “Roaring Kitty.”

AMC Entertainment
raised about $250 million of new equity capital, completing the sale Monday during the revived meme stock craze triggered by the return of “Roaring Kitty.”

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The movie theater operator sold 72.5 million shares in an at-the-market equity offering that it launched on March 28. AMC sold that stock at an average price of $3.45 per share before commissions and fees, the filing said.

AMC shares jumped another 37% on Tuesday following news of the sale. The stock more than doubled at one point earlier in the session and trading was paused for volatility.

Shares of the company opened at $3.52 on Monday, up about 21% from Friday, likely spurring AMC to complete its equity sale at these elevated prices. As Monday’s wild trading continued, AMC more than doubled to hit an intraday peak of $5.88. The stock closed Monday’s session up more than 78% at $5.19.

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www.cnbc.com/2024/05/14/amc-raises-250-million-in-stock-sale-during-mondays-meme-rally.html

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