AMC completes $250 million stock sale during meme rally, stock price rises 90%
Victor J. Blue | Getty Images News | Getty Images
AMC Entertainment raised about $250 million in new capital and completed the sale on Monday amid a resurgence in the meme stock boom sparked by the resurgence of “Rolling Kitty.”
The movie theater operator sold 72.5 million shares in an over-the-counter stock offering that began March 28, according to filings. AMC sold the shares at an average price of $3.45 per share, excluding fees, the company said.
AMC stock soared another 94% on Tuesday on news of the sale, and was briefly paused due to volatility.
The company's stock price opened at $3.52 on Monday and is up about 21% since Friday, which may have prompted AMC to complete the stock sale at this higher price. AMC more than doubled to hit an intraday high of $5.88 as Monday's heavy trading continued. Shares rose more than 78% to close at $5.19 on Monday.
AMC
Roaring Kitty, the inspiration for the meme stock mania of 2021, has resurfaced online with a cryptic image of a man slouching in a chair, only to spark a buying frenzy among amateur traders. was enough. GameStop stock price soars On Monday, there were numerous trading halts due to volatility, at 74%.
The video game retailer soared more than 100% early Tuesday.
Citigroup, Barclays, B. Riley Securities and Goldman Sachs were the sales agents for AMC's stock offering.
Summarize this content to 100 words Victor J. Blue | Getty Images News | Getty ImagesAMC Entertainment raised about $250 million in new capital and completed the sale on Monday amid a resurgence in the meme stock boom sparked by the resurgence of “Rolling Kitty.”The movie theater operator sold 72.5 million shares in an over-the-counter stock offering that began March 28, according to filings. AMC sold the shares at an average price of $3.45 per share, excluding fees, the company said.AMC stock soared another 94% on Tuesday on news of the sale, and was briefly paused due to volatility.The company's stock price opened at $3.52 on Monday and is up about 21% since Friday, which may have prompted AMC to complete the stock sale at this higher price. AMC more than doubled to hit an intraday high of $5.88 as Monday's heavy trading continued. Shares rose more than 78% to close at $5.19 on Monday.Stock chart iconStock chart iconAMCRoaring Kitty, the inspiration for the meme stock mania of 2021, has resurfaced online with a cryptic image of a man slouching in a chair, only to spark a buying frenzy among amateur traders. was enough. GameStop stock price soars On Monday, there were numerous trading halts due to volatility, at 74%.The video game retailer soared more than 100% early Tuesday.Citigroup, Barclays, B. Riley Securities and Goldman Sachs were the sales agents for AMC's stock offering.Don't miss exclusive information on CNBC PRO
https://www.cnbc.com/2024/05/14/amc-raises-250-million-in-stock-sale-during-mondays-meme-rally.html AMC completes $250 million stock sale during meme rally, stock price rises 90%
