Is there a rational explanation for AMC?

One of my friends had a handful of shares and asked what to do.

I advised selling enough to get the initial investment back. The rest would be house money. Wasn't enough to sell everything and retire.

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Haven’t their actions killed any meaningful ability to raise money through a future stock offer?

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They were already at the end of the road. That is why the apes preferred was made in the first place. It was to confuse their retail bag holders. They had to dilute to keep from going bankrupt, but shareholders voted against the traditional path. So they made the convoluted solution. This was probably the last hurrah, unless meme stock frenzy comes back. But even at current share prices the company is so massively over valued.

You have to applaud Adam Aron he really milked the meme status for every penny. All the time dumping tons of shares. I believe it is estimated he had unloaded over 40M dollars worth of AMC stock. Some diamond hands he has

For the past year, I could not understand why the stock was holding up at all. They issued bonds in Oct 22 with a 15% yield. I think the bond market is often a better indicator of a company's health, and it's not full of Apes with a Robin Hood account and $2,000.