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30 January 2021, 9:03 am EST By
By now, almost the entire internet knows about the meme stock rally that had been happening, wherein a group of independent investors worked together through platforms like Reddit and helped raise the stocks of some struggling companies, notably GameStop and AMC and now, the latter had been given new hope as the meme stock helped save it from its $600M debt.
(Photo : Lorenzo Cafaro from Pixabay)
AMC is now free from its $600M debt through meme stock rally.
Meme Stock Rally Rescues AMC
In a report by Polygon, the stunning turn of events happened when a private equity firm called Silver Lake decided to convert the corporate bonds it held into AMC Entertainment Holdings stock.