AMC Jumps After Announcing It Already Completed Its $587 Million Share Offering At $50.85 Average Price

In a day when AMC has already traded a whopping $14.4BN in stock, making it the most traded name in the market surpassed the runner up TSLA by 100%…

… it is probably not a surprise that amid this epic volume, the at the market offering announced earlier today by the company has already been absorbed and moments ago AMC announced that it had completed its stock offering, raising $587.4 million in new capital from the sale of 11.55 million shares at an average price of $50.85.

Commenting on the second capital raise in three days, AMC CEO Adam Aron said that “bringing in an additional $587.4 million of new equity on top of the $658.5 million already raised this quarter results in a total equity raise in the second quarter of $1.246 billion, substantially strengthening and improving AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future.”

AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), announced that it has completed its 11.550 million share at-the-market (“ATM”) equity program launched earlier today. AMC raised approximately $587.4 million of new equity capital, before commissions and fees, at an average price of approximately $50.85 per share.

Commenting on the capital raise, AMC President and CEO Adam Aron said, “Bringing in an additional $587.4 million of new equity on top of the $658.5 million already raised this quarter results in a total equity raise in the second quarter of $1.246 billion, substantially strengthening and improving AMC’s balance sheet, providing valuable flexibility to respond to potential challenges and capitalize on attractive opportunities in the future.”

The stock, after tumbling as low as $38 earlier in the day, has spiked on the news and is already more than 10% higher compared to the average sale price as the reddit army returns with a vengeance.