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The shares reached above $14 and are up more than 600% this year. AMC is now positive over one year despite being one of the year’s worst performing stocks.
The largest movie chain operator has been caught up in the same retail-driven short squeeze that has pushed shares of GameStop Corp (NYSE:GME) into the stratosphere. StreetInsider said Wednesday that TD Ameritrade (NASDAQ:AMTD), the online broker, had put restrictions on trading in AMC and GME. The shares were also halted for trading on the stock exchange several times on Wednesday.
Earlier this week, AMC’s CEO Adam Aron said bankruptcy was off the table because the company was able to raise $917 million in cash from stock sales and debt deals since mid-December. Like other movie chains, AMC has struggled with pandemic-related business shutdowns and is trying to ride out the bad times, hoping moviegoers return to the theaters soon.
