AMC stock surges as it raises $230 million, pledges to ‘go on offense’

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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 offense” by pursuing opportunistic acquisitions across the virus-ravaged movie-theater sector. The deal with Mudrick values AMC stock at $27.12 a share, valuing the company at upwards of $13 billion — a remarkable number for a stock that had dropped to $4 six months ago as its business was on the brink of bankruptcy amid nationwide COVID-19 lockdowns.