Shares of AMC Entertainment Holdings Inc. ended Thursday’s session up 7.8%, snapping their six-day losing streak.
AMC’s stock also registered its largest single-day percentage gain since Dec. 4, 2023, when it rose 9.2%.
Shares of the movie-theater chain and original meme-stock darling have hit a series of record lows recently and ended Wednesday’s session at $4.11 for another record-low close. AMC
AMC,
shares also hit a new all-time intraday low of $4.01 on Wednesday, according to Dow Jones Market Data, based on available data going back to Dec. 18, 2013.
Related: ‘Worn-out’ investors are contributing to AMC’s stock slide, Stocktwits says
Three years ago, AMC went from a beleaguered pandemic victim to a meme-stock phenomenon. Boosted by the WallStreetBets forum on Reddit, AMC parlayed a steep rise in its share price to tap into equity and debt markets, raising $917 million in January 2021. In 2022, the company launched its AMC preferred equity unit special dividend, and in 2023 it completed the conversion of the APEs into AMC common stock, along with a reverse 1-for-10 split of common stock. The investors who turned AMC into a meme stock often refer to themselves as “apes” or “ape nation.”
In December, AMC completed its latest at-the-market equity offering, raising approximately $350 million. The move is part of the company’s push to reduce its debt burden, which was more than $5 billion in 2022. This latest at-the-market equity offering, which was launched Nov. 9, repurchased debt or exchanged debt for equity and reduced the company’s liabilities by $62.28 million, AMC said.
Related: AMC’s stock continues its slide, hits record intraday low and another record-low close
On New Year’s Eve, AMC CEO Adam Aron slammed the “prophets of doom” who expected to see the company’s demise in 2023. “To the prophets of doom certain that AMC would fail as a company and be forced into bankruptcy court in 2023: It is December 31, so we all know that YOU WERE WRONG,” he wrote on X, formerly Twitter. “AMC is still here, still innovating, still blazing new trails. To the rest of you (think Apes) Happy New Year!”
AMC shares have fallen 90.9% in the last 52 weeks, compared with the S&P 500’s
SPX
gain of 22.6%.
This story originally appeared on Marketwatch
