AMC shares drop over 35 per cent after stock sale announcement

AMC shares plummeted by over 35% today, prompting the NYSE to briefly halt the stock shortly after open. Shares in AMC turned negative premarket as AMC filed to sell 11.5m in shares.

In an SEC filling, the company said: “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.”

The meme stock’s dip followed a record high on Wednesday, spiking at an intraday high of $72.62 and closing up 95 per cent at $62.55. AMC’s shares this year are up 2850 per cent.

AMC chief executive Adam Aron yesterday announced free popcorn a regular newsletter for retail investors. Such investors, many of whom are members of the WallStreetBets subreddit, previously prompted the meme stock craze earlier this year which saw Gamestop, AMC and others sharply rally.