AMC hits another record low extending losing streak to four

AMC hits another record low, extending losing streak to four days

AMC Entertainment Holdings Inc. hit another record low on Thursday, ending the session at $5.30 after falling 5%. The stock is currently on a four-day losing streak, the longest since a five-day streak that ended on November 13, 2023.

The cinema chain and former meme stock darling ended Wednesday's session at a then-record low of $5.58. The stock's previous record closing low was $6.07, set on December 21, 2023, according to Dow Jones Market Data, citing available data through December 18, 2013.

The -5.02% decline in AMC stock price is a far cry from the meme stock's heyday, when it hit an all-time closing high of $339.05 on June 2, 2021.

Related: AMC hits another record low, reflecting the decline of its status as a “meme stock.”

In a filing on Tuesday, AMC said that between December 28 and December 29, 2023, the company entered into a series of privately negotiated exchange agreements to issue 3,258,657 shares of Class A common stock in exchange for $22.5 million of its shares in 2026 the bonds that were due. According to AMC, the common shares issued had an implied value of $6.94 per share. “The company may, but is not obligated to, engage in similar transactions in the future,” AMC said in the filing.

The move is AMC's latest attempt to address its debt load, which reached more than $5 billion in 2022. This year, AMC launched its APE special dividend and in 2023 completed the conversion of the APEs into AMC common shares and a reverse 1-10 split of the common shares.

In December, AMC also completed its most recent stock offering to the market, raising approximately $350 million. AMC CEO Adam Aron has repeatedly warned that the company faces liquidity problems.

Related: AMC's CEO slams 'prophets of doom' and says company is breaking new ground as 2024 begins.

AMC shares have fallen 84.8% over the past 12 months, compared to the S&P 500 Index's SPX gain of 23.1%.

Of seven analysts surveyed by FactSet, four have a hold rating and three have a sell rating on AMC.