AMC completes $250 million stock sale during meme rally, shares jump 30%

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.”

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 32% 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.

Source: REUTER