AMC shares fall after Iceberg Research discloses short position
FILE PHOTO: An AMC theatre is pictured 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
July 2, 2021
By Akanksha Rana and Sinéad Carew
(Reuters) -AMC Entertainment shares closed down 4% on Friday after short-seller Iceberg Research tweeted that it had made a bearish bet against the theater chain operator’s stock.
The so-called meme stock closed at $51.96 after falling almost 12% to $47.77 in morning trading after Iceberg’s tweet that it had sold the shares short, which involves borrowing shares with a view to buying them back at a lower price to cover the bet.