AMC Entertainment Holdings (NYSE:AMC) Inc's shares fell 8.7% to a record low close of $5.58 in US trading.
The company's current share price contrasts sharply with its peak during the meme-stock surge in June 2021, when it reached an all-time high of $339.05, at the height of what in hindsight was an unsustainable, social media-driven buying frenzy fuelled by Reddit's WallStreetBets community.
The struggling cinema chain raised $917 million in early 2021 through equity and debt markets. Since then, it has focused on reducing its debt, which exceeded $5 billion in 2022.