Conventional wisdom says that when a public company’s stock is overvalued, that company should issue new shares. In doing so, the company raises funds before the share price falls. Last year, Tesla rode just such a wave of investor enthusiasm to raise $12 billion in 2020.Now it’s AMC Entertainment’s turn. Riding its meme-fueled success on Reddit this year, the movie theater chain issued a glut of new shares. While stock issuances typically dilute share price, remarkably, AMC issued more than 100 million new shares without breaking stride: the stock price is now 23 times higher than it was at the start of 2021.That money may finally be running dry. AMC faces a roadblock as the company’s corpo
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