AMC Pops On Raising $428 Million In Fresh Equity By Investing.com

By Dhirendra Tripathi

Investing.com – AMC Entertainment (NYSE:AMC) shares jumped 17% Thursday after the company completed the raising of $428 million in fresh equity.

The company raised that money before commissions and fees at an average price of $9.94 per share. The stock is 20% higher than that level. The sale of 43 million at-the-market shares completes the program announced in April.

AMC, the largest movie exhibition company in the U.S. and Europe, was amongst the worst suffering businesses in the last four quarters as the pandemic kept its multiplexes shut.

The stock has been amongst the favorites of a Reddit gang that made it a meme stock that caught the fancy of retail investors.