The AMC cinema chain is taking advantage of the surge in meme stocks to reduce debt, returning to the frenzy of 2021. Starting from Monday, it rose from its highest intraday high of 2.910 to 11.880 in two days and is currently falling back to 4.640. AMC stated in a regulatory document that a private agreement has been reached to exchange approximately $164 million of 10% notes due in 2026 for 23.3 million newly issued shares. Based on the exchanged principal and accrued interest, the value of the new stock is $7.33 per share. Most of AMC's bonds are traded at distressed prices, and the company has been reducing maturing debt through other exchange and repurchase activities. Last year, the company exchanged approximately $200 million in bonds for stocks.