AMC shares soar again thanks to Reddit and a huge box office weekend

Shares of AMC Entertainment (AMC) shot up roughly 20% in trading on Tuesday. It’s welcome news for the beleaguered theater chain, the biggest in the world, as it attempts to rebound from the coronavirus pandemic. The surge comes right after AMC announced that it raised $230.5 million by selling 8.5 million shares to Mudrick Capital Management. AMC said the cash from the sale will be used to buy new theater leases and “make investments to enhance the consumer appeal” in its existing locationsAdam Aron, AMC’s CEO, added a statement on Tuesday that the funds “will allow us to be aggressive in going after the most valuable theater assets, as

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