AMC Entertainment Holdings Inc. registered. Another record closing high on Thursday, ending the session at $5.30 after falling 5%. The stock is now on a four-day losing streak, the longest since a five-day streak that ended on November 13, 2023.
The movie theater chain and Darling's meme stocks ended Wednesday's session at a then-record low close of $5.58. The stock's previous record closing low was $6.07, which was set on Dec. 21, 2023, according to Dow Jones Market Data, citing available data dating back to Dec. 18, 2013.
Decrease in AMC for AMC,
The stock price is a far cry from the peak of meme stocks, when it reached an all-time closing high of $339.05 on June 2, 2021.
Related: AMC hits another record closing high, reflecting the demise of its “meme stock” status
Between Dec. 28 and Dec. 29, 2023, the company entered into a series of privately negotiated exchange agreements to issue 3,258,657 shares of Class A common stock in exchange for $22.5 million of its notes due 2026, AMC said in a filing Tuesday. The implied value of the common shares issued is $6.94 per share, according to AMC. “The Company may engage in similar transactions in the future but is not obligated to do so,” AMC said in the filing.
The move is the latest in AMC's attempts to address its debt load, which reached more than $5 billion in 2022. That year, AMC launched its own dividend for APEs and in 2023 completed the conversion of APEs into AMC common stock and a 1-for-10 reverse. Splitting of common shares.
In December, AMC also completed its latest public equity offering, raising approximately $350 million. AMC CEO Adam Aron has repeatedly warned that the company faces liquidity challenges.
Related: AMC CEO slams 'prophets of doom', says company is 'blazing new paths' as it enters 2024
AMC shares are down 84.8% over the past 12 months, compared to the S&P 500's SPX gain of 23.1%.
Of seven analysts surveyed by FactSet, four have a hold rating and three have a sell rating for AMC.
