Reddit traders' real-world positive consequences
Thanks to Reddit, AMC Entertainment has managed to take $700 million of debt off its balance sheet, as well as raising $506 million of fresh cash in the stock market.
Driving the news: The movie-theater chain and hot meme stonk of the moment converted $100 million of junior debt into equity on Monday, while also raising fresh equity capital. Then, on Thursday, it announced that $600 million of senior debt had also been converted into equity, at a price of $13.51 per share.
Context: AMC's market capitalization was just $220 million at the beginning of this month. As of the close of trade on Wednesday, that number had grown to $2.2 billion.