AMC Entertainment Holdings stock surges nearly 300 percent
By Madison Parry
Share price of AMC stock quadrupled Wednesday at the opening bell. The Leawood-based movie theatre operator is enjoying a boost after rumors of bankruptcy months prior. AMC's market cap has now surpassed $3 billion for the first time since 2017.
A number of companies experienced a boost in stock values at the market’s opening bell on Wednesday, including Kansas City-based AMC Entertainment Holdings.
The struggling theatre chain saw an over 200 percent climb in stock value Wednesday morning from Tuesday’s numbers. News of this small victory for AMC follows months of struggle brought on by COVID-19.
AMC’s CEO Adam Aron said the company can ride out COVID-19 until people are ready go back to theaters, thanks to raising more than $900 million in new capital since mid-December 2020.
Of that sum, $506 million has come from the issuance of 164.7 million new shares of common stock and commitment letters for $411 million of debt capital. The company estimates it now has enough liquidity to continue operating well into 2021.
The soaring increase in value has pushed AMC’s market cap over $3 billion for the first time since June 2017.
As of 3:46 EST time on Jan. 27, 2021, the company’s stock value has raised 271.32 percent.
