AMC stock surges as hedge fund buys — then sells — $230M stake
NY Post
Suspense, mystery, intrigue — the latest AMC drama has a plot twist not even the movie theater company saw coming.
AMC Entertainment announced Tuesday it will raise $230.5 million by selling 8.5 million shares to hedge fund Mudrick Capital, saying it plans to use the cash to “go on the offense” by pursuing opportunistic acquisitions across the virus-ravaged movie-theater sector. But just hours later, it was reported that Mudrick Capital had sold all of its shares, saying the stock was “overvalued,” and pocketing a tidy profit in the process. The second headline didn’t tank AMC’s shares, however. They closed up 23 percent, higher than the 15-percent boost they got after the initial news.More Related News
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