AMC Entertainment Holdings Inc. It extended its losing streak to five days on Friday, with the stock ending the session down 2.5% to $5.15.
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Stocks are now on their longest losing streak since the seven-day decline that ended on Aug. 29, 2023. The movie theater and meme store chain ended Thursday's session at a record low close of $5.30. AMC was a popular symbol on Stocktwits, a social platform for investors and traders, at Friday's open.
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 information dating back to Dec. 18, 2013.
Related: AMC hits another record closing high, extending its losing streak to four days
The decline in AMC's 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.
In a regulatory filing on Tuesday, AMC said that between December 28 and 29, 2023, the company entered into a series of privately negotiated exchange agreements to issue approximately 3.26 million shares of Class A common stock for $22.5 million. of its securities. Due in 2026. The common stock issued was valued at $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 APE dividend, and in 2023 completed the conversion of the APEs into AMC common stock and a 1-for-10 reverse split Common stock.
Related: AMC CEO slams 'prophets of doom', says company is 'blazing new paths' as it enters 2024
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.
AMC shares are down 84.8% over the past 12 months, compared with the S&P 500's SPX gain of 20.6%.
