AMC Rides Stock Roller-Coaster After $587 Million Share Sale
- Cinema chain raises money to cut debt load, fund turnaround
- Investors use the moment to take profits after 3,000% gain
This article is for subscribers only.
AMC Entertainment Holdings Inc.’s wild ride shows no sign of stopping in a week that has seen the stock double and the company take advantage by selling shares to cut its huge debts.
The stock traded at $48.51 as of 4:02 a.m. in New York premarket trading, down 5.5% from its last close. That follows a day in which AMC’s eye-popping rally was interrupted by plans to sell more equity, with the stock closing down 18%.