Stocks of AMC Entertainment Holdings Inc. soared more than 50% on Wednesday, touching the $50 per share deep into the session and reaching a new record high last seen in 2016.
The surge comes a day after the company announced it has sold 8,500,000 Class A common shares for $230 million to Mudrick Capital Management LP as part of its plans to pursue new investments. AMC, next to GameStop, also stands for one of the companies involved in the shorting scandal which led to major market volatility earlier this year.
AMC's stocks jumped 51.37% to trade for $48.83 per share at 12:26 pm ET, while standing over 23 times higher compared to the start of 2021.
