AMC’s inventory is up greater than 2,000% this yr. However theater chain’s issues aren’t solved
Shares in the company, the world’s largest theater chain, are up more than 2,000% this year. On Wednesday alone, AMC’s stock skyrocketed 120%, peaking at just over $70, before sliding back. After a wild, up and down day of trading, the stock closed Thursday at $51.34, down about 20% for the day.
The company is taking advantage of its sky-high stock price, launching plans to raise gobs of money that will keep AMC marquees lit for the near future.
AMC announced Thursday that it sold 11.5 million shares, bringing in $587.4 million of new capital. That number shows how much AMC has bounced back over the last few months considering that as of December 30, 2020, the market cap of the entire company was just $347 million.
AMC seemed to acknowledge the bizarre situation by telling investors earlier on Thursday that the “recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business” and admitted that it does not know “how long these…
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