As one of the “meme stocks” made famous by Reddit’s army of niche retailers, AMC has once again sold a bunch of its mega-shares to raise money. After raising $230 million last year and selling 8.5 million shares, AMC sells more shares now: 11.55 million shares. This made the way to bring in another $587.4 million
Highlights:
- AMC recently sells 11.55 million shares even in this terrible situation
- AMC rises like a phoenix from its languishing stock background
- New funds of AMC will make future bright: Adam Aron
- Announces amazing list of benefits for the shareholders
- Read on to know more on AMC sells more shares
As all know, the previous year and the one having now are terrible. At the start of this year, before attracting the attention of the community of retail traders behind GameStop’s meteoric rise AMC’s stock was deteriorating around $2 a share. As per the deadline reports, AMC stock has stayed around $50 a share since then after AMC’s announcement that it would sell off a large number of shares caused fluctuations between $37.66 and $68.80 The latest stock sale proceeds in the quarter got added to $658.5 million earlier. This during the second quarter brings the total equity raised to $1.246 billion, CEO Adam Aron states so.
Aron also assures that the new funds will be definitely the one which is “substantially strengthening and improving AMC’s balance sheet and it will provide valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future.”
The retail traders of AMC now makeup around 80 to 85% and on account of this AMC embraced its enthusiastic retail traders by providing them amazing offers. Last week AMC announced a suite of amazing benefits for its enthusiastic individual shareholders. Especially this summer in the US. Beyond that, investors will be benefited from other free or discounted items, along with invitations to “special screenings.” from the part of AMC
About the latest developments to AMC’s business approach the investors could hear directly from AMC CEO Adam Aron, while they will additionally get “interesting information about AMC and its place in the movie ecosystem.” Very recently AMC raised $230 million to fuel its comeback as the movie market rebounds in the wake of the pandemic. GameStop ,an American merchandising retailer is also looking to grow in the future and a few weeks ago raised $500 million to support its various growth and expansion opportunities.
AMC said in its filing that it would use the proceeds from its latest share sale for “general corporate purposes and it will include the repayment, refinancing, redemption or repurchase of existing indebtedness, acquisition of theatre assets, working capital or capital expenditures and other investments also.
Looking up as vaccination numbers rise across the US is the main business of the theatre chain. In the latest update, AMC stated that vaccinated patrons would no longer be required to wear masks at its theaters unless required by state law.
This was all about the story on AMC sells more shares. Stay tuned for the latest updates on the gaming industry.
