Movie theatre operator AMC Entertainment Holdings (NYSE:AMC) has struggled for a considerable period of time due to the effect of the coronavirus pandemic.
However, on Thursday, the stock soared by as much as 24% after the company announced that it had managed to raise $428 million in fresh capital through a stock sale. AMC sold as many as 43 million shares in the transaction. That works out to a share price of $9.95 each and more importantly, that is far higher than the 52 week low of $1.52 a share.
Adam Aron, the Chief Executive Officer of AMC, stated that the fact that the company brought in another $428 million in cash is going to further strengthen its financial position as it tries to wade through the current challenges. It should also be noted that the AMC stock had also been made a target of retail investors from the Reddit community WallStreetBets recently.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.