AMC Entertainment’s (NYSE: AMC) share price has dropped premarket after the company announced a stock sale.
The cinema chain’s share price gained over 95% on Wednesday, closing at an all-time high of $62.55 per share. Its intraday high was $72.62.
The company said in a regulatory filing that it would sell up to 11.5 million shares of common stock.
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Meme stocks have been on the rise again in the last few weeks, mimicking previous moves from January that saw GameStop shares rise to a whopping $483.
The rally has again been led by Reddit investors active on the WallStreetBets forum. In addition, AMC has taken note of the rally, unveiling a new communication initiative to engage with shareholders.
AMC Investor Connect will allow AMC shareholders to self-identify through the AMC website and receive important AMC special offers and company updates.
However, the company did warn investors that they “believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last.”
“Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment. Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums,” AMC said
So far this year, AMC’s share price is up 2850%.
Should You Invest in AMC Entertainment Shares?
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