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AMC stock (AMC), a darling of retail traders during the 2021 meme stock boom, fell 3% to close at an all-time low of $4.55 per share on Friday.
At the day’s low, the stock was down more than 11%.
AMC stock has been trending lower in recent months as the theater chain continues to issue stock to reduce debt, diluting stock investors.
In early January, AMC announced that it had issued or planned to issue more than 3.25 million Class A shares “in exchange for $22.5 million” in debt payments due in 2026 through “a series of privately negotiated exchange agreements.” It has been concluded,” he announced.
Last November, AMC filed for a stock offering worth up to $350 million. The stock price fell 20% on the news.
The offering follows the sale of 40 million shares announced in September “to enhance liquidity, repay existing debt, refinance, redeem or repurchase” and for general corporate purposes.
The stock price has fallen 90% since July 2023, when it traded at just over $40 per share. In June 2021, the stock closed at a high of $339.05 per share on a split-adjusted basis.
AMC is scheduled to announce its fourth quarter financial results on January 28th. The company exceeded sales expectations for last year’s third quarter on the back of the hits of the “Barbie” and “Oppenheimer” movies.
Last week, the company announced that “Taylor Swift: The Elus Tour Concert Film,” distributed in AMC theaters, became the highest-grossing concert film and documentary film of all time. However, this news did not push up the stock price.
Ines Ferre is a senior business reporter at Yahoo Finance. Follow her on Twitter @ines_ferre.
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