Shares of AMC ended Friday’s session at a record-low close of $7.18
AMC Entertainment Holdings Inc.’s stock AMC, -11.58% rose 2% in premarket trading Monday after ending Friday’s session down 11.6%.
Shares of the movie-theater chain and meme-stock darling ended Friday’s session at $7.18, a record-low close for the stock. AMC’s previous record-low close was $8.12 on Thursday amid a three-day losing streak. The company’s stock plunged last week after AMC filed a prospectus for the sale of up to 40 million shares.That sale could represent as much as 7.7% of AMC’s 519.2 million common shares outstanding as of Aug. 4.
In a filing, AMC said that it plans to use the proceeds from any shares sold to bolster liquidity; to repay, refinance, redeem or repurchase its existing indebtedness; and for general corporate purposes.AMC’s stock, which underwent a 1-for-10 reverse stock split in late August, has fallen 83% in the past three months, compared with the S&P 500 index’s SPX gain of 3.7%.
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