Stocks

AMC Entertainment (AMC) gains all time high amid Reddit surge

AMC Entertainment (AMC) shares has gained an all time high amid the Reddit investor surge. The company has also launched an AMC Investor Connect program which offers free popcorn to AMC investors.

AMC opened at $37.52, nearly a 20% increase, with a high of $41.95, up more than 30%. AMC’s previous intraday high was $36.72, which occurred on Friday. Its closing record is $35.86, set on March 23, 2015.

AMC said in a securities filing that it raised $230.5 million through a stock sale to the investment firm. The movie theater operator said it would use the funds for potential acquisitions, upgrading its theaters and deleveraging its balance sheet.

Trading volume ballooned to 130.2 million shares, already nearly reaching the full-day average over the past 30 days of about 142.1 million shares, and enough to make the stock the most actively traded on major U.S. exchanges.

AMC said it was launching AMC Investor Connect, to put the company in direct communication with its “extraordinary base of enthusiastic and passionate individual shareholders,” to keep them up to date about company information and to provide them with special offers.

The move comes as AMC’s retail shareholder base has grown to more than three million over the last several months, and owned more than 80% of the company’s outstanding shares.