AMC Entertainment Holdings Inc. extended its losing streak to five days Friday, with the stock ending the session down 2.5% to $5.15.
AMC
AMC,
shares are now on their longest losing streak since a seven-day slide that ended on Aug. 29, 2023. The movie-theater chain and onetime meme-stock darling ended Thursday’s session at a then-record-low close of $5.30. AMC was a top trending symbol on Stocktwits, a social platform for investors and traders, at Friday’s open.
The stock’s previous record closing low had been $6.07, which was set on Dec. 21, 2023, according to Dow Jones Market Data, citing available information dating back to Dec. 18, 2013.
Related: AMC hits another record-low close, extends losing streak to four days
The decline in AMC’s share price is a far cry from its meme-stock heyday, when it hit an all-time closing high of $339.05 on June 2, 2021.
In a regulatory filing Tuesday, AMC said that between Dec. 28 and Dec. 29, 2023, the company entered into a series of privately negotiated exchange agreements to issue nearly 3.26 million shares of Class A common stock in exchange for $22.5 million of its notes due in 2026. The common stock issued had an implied value of $6.94 per share, according to AMC. “The company may engage in similar transactions in the future but is under no obligation to do so,” AMC said in the filing.
The move is the latest in AMC’s attempts to tackle its debt burden, which reached more than $5 billion in 2022. That year, AMC launched its APE special dividend, and in 2023 it completed the conversion of the APEs into AMC common stock and a reverse 1-for-10 split of common stock.
Related: AMC CEO slams ‘prophets of doom,’ says company is ‘blazing new trails’ as it enters 2024
In December, AMC also completed its latest at-the-market equity offering, raising approximately $350 million. AMC CEO Adam Aron has repeatedly warned that the company faces liquidity challenges.
AMC shares are down 84.8% in the last 12 months, compared with S&P 500 index’s SPX gain of 20.6%.