With AMC shares up 1,100% in 2021, company sells shares
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The AMC Empire 25 theater reopens after COVID-19 closures, Friday, March 5, 2021, in New York. Movie theater chain AMC is selling 8.5 million shares to investment firm Mudrick Capital Management, raising $230.5 million and cashing in on the meme stock frenzy that has helped boost its stock price in recent months. AMC Entertainment Holdings Inc. said Tuesday, June 1 that it will use most of the proceeds for acquisitions of additional theater leases and to invest in its existing theaters to make them more attractive to moviegoers. (Photo by Evan Agostini/Invision/AP)
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Tuesday, June 01, 2021 2:20 pm
With AMC shares up 1,100% in 2021, company sells shares
MICHELLE CHAPMAN | Associated Press
The movie theater chain AMC is raising $230.5 million through an 8.5 million share sale, cashing in on the meme stock frenzy that has sent its stock price up more than 1,100% this year.
Theaters and other beleaguered industries like restaurants and concert venues are anticipating the return of crowds over the next few months with the massive U.S. vaccination effort ongoing.
John Krasinski’s thriller sequel “A Quiet Place Part II” opened over the Memorial Day weekend to a pandemic-best $48.4 million, according to studio estimates Sunday.
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