May 24, 2024


Image for article titled The GameStop meme stock rally sent AMC skyrocketing and helped it raise $250 million

Photo: Jonathan Raa/Nur (Reuters)

The return of Roaring Kitty to social media has prompted the meme stock craze to return, and AMC Entertainment raised approximately $250 million in new equity capital on Monday by selling 72.5 million shares at an average price of $3.45.

AMC stock surged another 130% in pre-market trading on Tuesday, and was still up 78% shortly after markets opened.

On Monday, AMC stock closed up 78.35% to $5.19 per share, as the meme stock craze returned due to the resurfacing of Roaring Kitty, aka Keith Patrick Gill, on social media. He is known for igniting GameStop’s massive meme stock short squeeze in 2021.

On Sunday, he posted a picture on X showing a gamer leaning forward in the chair, indicating intense focus — and prompting speculation among followers that he’ll return to Reddit. The tweet has been viewed by over 24 million people as of Tuesday morning.

During Tuesday’s premarket trading, GameStop’s stock soared over 127% thanks to the meme craze. The video retailer’s stock closed at $30 on Monday, up over 74%.

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