AMC Entertainment, the largest movie theater operator in the country, said it completed a planned sale of $350 million in stock and used some of the proceeds to pay down $62.3 million in debt.
The completion of the sale, which was launched Nov. 9. saw approximately 48 million shares sold at an average price of $7.29 per share, AMC said after the market closed Monday.
That was a small premium over recent trading prices. The stock closed Monday at $7.11, down about 82% since the start of the year. Shares slipped a fraction in morning trading Tuesday to $7.07.
One of the stocks that online traders gravitated toward during the pandemic “meme stock” craze, AMC remains popular with day traders but has come crashing down to earth, despite several quarters of strong results as audiences returned to theaters.
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