AMC Entertainment

AMC Entertainment Holdings Inc. plunged 38% in premarket trading ahead of its debut of a new class of shares and after peer Cineworld Group Plc confirmed it may go bankrupt.

Citigroup Inc. led the sale of the notes, which are due in 2029 and will be used to help refinance some of the expensive debt AMC acquired to get through pandemic-era shutdowns.

The company said in August that it would start accepting bitcoin, the most popular cryptocurrency, by the end of the year.

The difference now is that investors have poured billions of dollars into products tracking smaller and cheaper stocks in the past six months

The stock traded at $48.51 as of 4:02 a.m. in New York premarket trading, down 5.5% from its last close.

AMC Entertainment skyrocketed as much as 127% on Wednesday, extending its total gains for the year to more than 3,000% and pushing its market capitalization briefly above $33 billion.

The movie-theater chain has a market value of more than $30 billion, making it more valuable than at least half of the companies in the S&P 500 Index.

The shares soared 27 per cent to an intraday record on Wednesday after jumping 23 per cent the day before

AMC Entertainment said on Tuesday most of its theaters in the United States and Europe would remain open, with several movie releases lined up for October and November.

The acquisition by AMC, majority-owned by Chinese billionaire Wang Jianlin's Dalian Wanda Group, widens Wanda's lead as the world's largest operator of movie screens