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After Friday's Record-low Closing Price, AMC's Stock Rises Premarket

September 11, 2023
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AMC Entertainment Holdings Inc.'s stock (AMC) demonstrated a 2% increase in premarket trading on Monday, a modest rebound following a challenging session on Friday when the stock closed with an 11.6% decline.

The closing price for shares of the movie-theater chain, which has gained notoriety as a meme-stock phenomenon, settled at $7.18 on Friday, marking a record low for the stock. This decline continued a three-day losing streak that had begun earlier in the week. Notably, AMC's previous record-low close was $8.12, observed on the prior Thursday.

The recent downward trajectory of AMC's stock price can be attributed to the company's filing of a prospectus for the sale of up to 40 million shares. This proposed sale has the potential to represent approximately 7.7% of AMC's total common shares outstanding, which stood at 519.2 million as of August 4.

In its filing, AMC indicated its intention to utilize the proceeds from the sale for multiple purposes, including enhancing liquidity, addressing existing debt obligations through repayment, refinancing, redemption, or repurchase, and supporting general corporate needs.

AMC's stock recently underwent a 1-for-10 reverse stock split at the end of August. Over the past three months, the stock has experienced a substantial 83% decline, contrasting with the S&P 500 index's 3.7% gain during the same period.

Adan Harris
Managing Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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