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(Reuters) - AMC Entertainment shares were down by a third on Thursday after the company took advantage of a record stock price with its second share issue in three days while saying it did not know how long its stellar run would last and warning investors of the risks involved.
FILE PHOTO: A taxi passes an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri
AMC’s shares traded 33.4% lower on Thursday at $41.10 after the company said it agreed to sell up to 11.55 million of its shares from time to time in an at-the-market program. A wave of buying from retail investors had helped AMC’s share price nearly double to a record close of $62.55 in the prior session.