AMC extends shedding streak to 5 days, hits one other report low shut

The inventory’s earlier report closing low had been $6.07, which was set on Dec. 21, 2023, in response to Dow Jones Market Data, citing out there data relationship again to Dec. 18, 2013.

Related: AMC hits one other record-low shut, extends shedding streak to 4 days

The decline in AMC’s share worth is a far cry from its meme-stock heyday, when it hit an all-time closing excessive of $339.05 on June 2, 2021.

In a regulatory submitting Tuesday, AMC stated that between Dec. 28 and Dec. 29, 2023, the corporate entered right into a sequence of privately negotiated change agreements to difficulty almost 3.26 million shares of Class A typical inventory in change for $22.5 million of its notes due in 2026.  The frequent inventory issued had an implied worth of $6.94 per share, in response to AMC. “The company may engage in similar transactions in the future but is under no obligation to do so,” AMC stated within the submitting.

The transfer is the newest in AMC’s makes an attempt to sort out its debt burden, which reached greater than $5 billion in 2022. That yr, AMC launched its APE particular dividend, and in 2023 it accomplished the conversion of the APEs into AMC frequent inventory and a reverse 1-for-10 break up of frequent inventory. 

Related: AMC CEO slams ‘prophets of doom,’ says firm is ‘blazing new trails’ because it enters 2024

In December, AMC additionally accomplished its newest at-the-market fairness providing, elevating roughly $350 million. AMC CEO Adam Aron has repeatedly warned that the corporate faces liquidity challenges. 

AMC shares are down 84.8% within the final 12 months, in contrast with S&P 500 index’s
SPX
achieve of 20.6%.