AMC latest “meme” stock to hit a rally, jumping 17% after selling shares to investor
NEW YORK, N.Y. / CNBC — AMC Entertainment shares surged again on Tuesday when the theater chain sold more than 8 million shares to an investment firm, the latest in a series of capital raises for the struggling company turned ‘meme’ stock.
The purchase by Mudrick Capital Management helped AMC raise $230.5 million. AMC officials said that they would be using the funds for potential acquisitions, updates to existing theaters, and deleveraging its balance sheet.
Shares were up 17% in premarket trading.
AMC was hit hard during the pandemic when their movie theaters shut in most...