AMC stock ended Wednesday’s session down 36.8% at a record-low close of $8.62
AMC Entertainment Holdings Inc.’s shares fell 4.2% in premarket trading Thursday, after the stock plunged to a record-low close Wednesday.
AMC’s trading volume ballooned to 84.99 million shares Wednesday, well above the stock’s 65-day average of 8.71 million shares. The sale of up to 40 million shares could represent as much as 7.7% of AMC’s 519.2 million common shares outstanding as of Aug. 4. AMC’s stock had enjoyed a 25% run-up in the four sessions prior to Wednesday, boosted by a surge in moviegoing and the company’s announcement last week that it was acting as the theatrical distributor of “Taylor Swift: The Eras Tour.” On Friday AMC announced that the concert film, which hits theaters Oct. 13, had shattered the company’s record for single-day advance ticket sales, with $26 million in ticket revenue sold on Aug. 31.
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