AMC Cashes In on Meme Stock Mania, Raising $587 Million
Summary
By the close of trading on Wednesday, AMC’s market value of more than $30 billion put it in roughly the same class as companies like Best Buy, Tyson Foods and the stock market operator Nasdaq. The company has moved to quickly capitalize on those gains, embarking on a flurry of share sales that allowed AMC to raise more than $1.2 billion just this quarter, including Thursday’s offering. On Tuesday, AMC sold 8.5 million shares for roughly $230 million to the hedge fund Mudrick Capital, which quickly flipped them for a profit. “We start with a free large popcorn on us, when they attend their first movie at an AMC theater this summer.” “I’m keeping my shares,” one commenter wrote on WallStreetBets. When all was said and done, AMC was one of the world’s most heavily traded stocks, with nearly $40 billion worth of buying and selling, a trading pace that dwarfed that of corporate giants like Tesla, Apple and Amazon, according to Bloomberg data.
Funding
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