AMC Entertainment (AMC) is cashing in on the revival of the meme stock trade.
The struggling theater chain raised $250 million of “new equity capital” through the sale of 72.5 million shares on Monday, per an SEC filing.
The completion of the equity offering, which was initially launched on March 28, came as the meme trade roared back into action on Monday. After the reemergence of Keith Gill, also known as “Roaring Kitty,” whose bull case on GameStop ignited the meme stock rally back in 2021, sent shares of GameStop (GME) soaring in early action on Monday, AMC quickly spiked in sympathy.
At the market close on Monday, AMC stock had risen more than 78% while GameStop had rallied nearly 75%. The moves higher continued, with both AMC and Gamestop shares roughly doubling in price.
The AMC shares were sold at $3.45 per share, per the SEC filing. By 8:30 a.m. on Tuesday, shares were trading…
