AMC Entertainment Sets Plan To Sell 11.6M Shares; Red-Hot Stock Cools In Early Trading
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deadline.comAMC Entertainment, which has been surfing a wave of retail enthusiasm over its meme-worthy stock, has decided to cash in and sell 11.6 million shares.The No.
1 exhibitor announced the plan this morning in an SEC filing. Shares in the company, which had surged above $60 a share this week, giving the once-nearly-bankrupt company a market value of $28 billion, have sold off today in the early going.
Nearly an hour into the trading day, they were at about $50, down 20%.There are now about 3 million retail investors in AMC — about 80% of its shareholders — after investors mobilized on Reddit and other online forums.
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