AMC Entertainment said Thursday it plans to sell more than 11 million shares amid the trading frenzy in its stock.
“In accordance with the terms of the Distribution Agreement, we may, through our sales agents, offer and sell from time to time up to an aggregate of 11,550,000 shares of our Class A common stock,” AMC said in an SEC filing.
Shares of AMC dropped 7% shortly after the open, after being up more than 20% in premarket trading before news of the stock sale.
AMC Entertainment is garnering attention from WallStreetBets traders in recent weeks, pushing the stock up nearly 140% this week to an all-time high of $62.55 on Wednesday. AMC is up 512% this quarter and a whopping 2,850% this…