AMC Stock Plummets After Company Sells 40 Million Shares

Sep 6, 2023 By MarketDepth

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AMC cellphone stock

AMC Entertainment (AMC:NASD) announces plan to sell 40 million shares “to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness,” and general corporate purposes. The stock is down over 28% intraday as some dilution strategies take effect.

“AMC should now be able to raise additional equity capital.”

AMC CEO Adam Aron

The company took a beating over the pandemic but got rescued by becoming a meme stock on reddit and helped the company fight off bankruptcy and come out of the pandemic stronger.