Cinema operator AMC Entertainment Holdings has raised about $428 million from a share sale, capitalizing on the retail-exchanging driven flood its stock recently.
The world’s biggest cinema chain operator’s shares have acquired than five-folds in 2021 because of interest from novice dealers on Reddit that were packing into vigorously shorted stocks, for example, GameStop and AMC to rebuff mutual funds that bet against them.
AMC said in an articulation Thursday it had sold 43 million shares at a normal price of $9.94 each in the at-the-market offering, sending its stock almost 16% higher.
The company has brought assets up in the previous few months to brave a plunge in its business fashioned by pandemic-driven venue terminations, delays in the dispatch of huge movies and the development of video web based stages.
It said in January it had raised $917 million since mid-December through equity and obligation issues. It raised an extra $304.8 million around the same time through a share sale.