On Thursday, NYSE:AMC fell another 4.34 percent as joke stocks continued to lose ground.
As #AMCBonds trended on Reddit, a new conspiracy theory surfaced.
Robinhood, a retail investing platform, has filed for an initial public offering.
The latest short squeeze attempt on NYSE:AMC appears to have stalled for the time being, as the stock has been spinning its tires in the mud for the past week. AMC’s stock continued to fall on Thursday, falling 4.34 percent to $54.22 on the first trading day of the second half of 2021. As it appears that some retail investors are pocketing their profits and moving on to the next meme stock to crush, AMC witnessed approximately a third of its recent average daily trading volume. On the GameStop (NYSE:GME) front, things have been calm as well, especially since the stock was added to the Russell 1000 index last week.
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On Thursday, a new conspiracy idea arose after it was found that AMC filed a request for the removal of an S-3 from December 2018 on June 29th. Without delving into too much detail, the procedure permits institutions to buy bonds that can eventually be converted to ordinary stock. Short sellers were hedging their positions using these bonds to go long on AMC using common shares, according to Redditors. Redditors applauded CEO Adam Aron’s decision to withdraw these assets in order to prevent short sellers from gaining access to the company’s stock.
Robinhood, the investment platform that was at the center of the short squeeze issue earlier this year, filed for an IPO on Thursday. The company expects to be valued at $40 billion and will trade under the ticker symbol HOOD. This comes only one day after the platform was slammed with a $70 million FINRA penalties for its involvement in causing trade interruptions during the squeeze./n
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