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AMC raises $250 million in stock sale during meme rally, shares still up 110% in premarket

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Victor J. Blue | Getty Images News | Getty Images

AMC Entertainment raised about $250 million of new equity capital on Monday during the revived meme stock craze triggered by the return of “Roaring Kitty.”

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On Monday, the movie theater operator sold 72.5 million shares in an at-the-market equity offering. AMC sold those shares at an average price of $3.45 per share before commissions and fees.

AMC shares more than doubled in premarket trading Tuesday following the stock sale.

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The average selling price is at the lower range of Monday’s wild trading where AMC more than doubled to hit an intraday peak of $5.88. The stock closed Monday’s session up more than 78% at $5.19. AMC previously announced the offering on March 28, but waited until Monday to complete it.

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Roaring Kitty, the man who inspired the meme stock mania of 2021, resurfaced online with a cryptic image showing a man in a chair leaning forward, but that was enough to spark a buying frenzy among amateur traders. Shares of GameStop surged 74% Monday with a slew of trading halts for volatility.

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The video game company soared more than 130% in premarket trading Tuesday.

Citigroup, Barclays, B. Riley Securities and Goldman Sachs were the sales agents of AMC’s equity offering.

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