AMC to Sell up to 11.5 Million Shares, Issues Warning to Investors
AMC Entertainment Holdings (NYSE: AMC) continues to exploit its meme stock designation by raising capital as its shares have risen exponentially on the backs of retail traders and others driving short-sellers out. Today, the company filed to sell up to another 11.55 million shares after the stock almost doubled yesterday alone, and is up 280% in just the last week.
Today's announcement came with a warning for investors looking to buy shares, and promptly eliminated a 20% pre-market gain in the stock. AMC has embraced the frenzy, raising $230.5 million in a share sale earlier this week, and launching AMC Investor Connect yesterday, aiming to utilize the euphoria in the stock to help the business.
Source Fool.com