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AMC Entertainment raised about $250 million of new equity principal, completing the sale Monday during the revived meme stock craze triggered by the return of “Roaring Kitty.”
The talking picture theater operator sold 72.5 million shares in an at-the-market equity offering that it launched on March 28. AMC retailed that stock at an average price of $3.45 per share before commissions and fees, the filing said.
AMC shares twitched another 32% on Tuesday following news of the sale. The stock more than doubled at one point earlier in the assembly and trading was paused for volatility.
Shares of the company opened at $3.52 on Monday, up about 21% from Friday, plausible 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 mountain top of $5.88. The stock closed Monday’s session up more than 78% at $5.19.
AMC
Roaring Kitty, the man who inspired the meme stock mania of 2021, resurfaced online with a cryptic portrait showing a man in a chair leaning forward, but that was enough to spark a buying frenzy among amateur traders. Dole outs of GameStop surged 74% on Monday with a slew of trading halts for volatility.
The video game seller soared 60% Tuesday.
Citigroup, Barclays, B. Riley Securities and Goldman Sachs were the transactions agents of AMC’s equity offering.