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AMC Considers Selling More Stock After Reddit-Fueled Rally

Submitted by jhartgen@abi.org on

AMC Entertainment Holdings Inc. is considering raising money by selling more stock, capitalizing on the unprecedented runup in its shares this week, Bloomberg News reported. A stock sale would follow AMC announcing $917 million in fresh financing Monday, which helped it stave off the threat of bankruptcy. On Wednesday, it said that it completed a previously announced at-the-market equity program, raising $305 million. AMC has benefited from a Reddit-fueled investing frenzy that sent heavily shorted stocks into the stratosphere this week. Though the stock plummeted on Thursday —hurt by Robinhood and other trading platforms curbing trading in its shares — AMC remains up 307% this year.