AMC stock (AMC), a retail trader favorite during the meme stock craze of 2021, fell 3% to close at a record low of $4.55 per share on Friday.
At its lows of the day the stock was down more than 11%.
AMC stock has been on a downward spiral for months as the theater chain continues to issue stock to reduce its debt, a move which dilutes equity investors.
Earlier in January AMC said it "entered into a series of privately negotiated exchange agreements, under which it has issued or will issue" more than 3.25 million shares of Class A stock "in exchange for $22,500,000" to pay down notes due in 2026.
Last November, AMC filed to offer up to $350 million in stock. Shares tanked as much as 20% on the news.
The offering followed an announced sale of 40 million shares in September "to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness," and for general corporate purposes.
The stock is down 90% since July 2023, when it traded just north of $40 per share. In June 2021, the stock closed as high as $339.05 per share on a split-adjusted basis.
AMC is expected to announce fourth quarter earnings on Jan. 28. The company beat its third quarter revenue estimates last year following the movie hits "Barbie" and "Oppenheimer.”
Last week, the company announced "Taylor Swift: The Eras Tour Concert Film," distributed by AMC theaters, became the highest-grossing theatrical release in history among concert and documentary films. This news, however, failed to boost the stock.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.
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