As one of the “meme stocks” made popular by Reddit’s army of dedicated retail traders, AMC has once again sold off a bunch of its hyped-up stock to raise funds. After raising $230 million last week from the sale of 8.5 million shares, AMC has now sold another 11.55 million shares, netting them another $587.4 million.
Following a terrible year for its business, AMC’s stock was languishing around $2 a share at the start of this year, before attracting the attention of the community of retail traders behind GameStop’s meteoric rise. Since then AMC stock has stayed around $50 a share, though AMC’s announcement that it would sell off a large number of shares caused fluctuations between $37.66 and $68.80, Deadline reports. Shares eventually closed at $51.31, down 18%.
AMC has embraced its enthusiastic retail traders, who now make up about 80% of its shareholders. Just last week it announced a suite of benefits for its individual shareholders, including free popcorn and exclusive screenings.