AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading lower Wednesday after rallying to start the week. The company announced that it entered into agreements to issue stock in exchange for notes.

What Happened: In a new regulatory filing, AMC said it entered into privately negotiated exchange agreements on Tuesday to issue 23,280,295 shares of its Class A common stock in exchange for $163.85 million aggregate principal amount of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026.

On Tuesday, AMC announced that it completed its previously disclosed at-the-market equity offering, which was launched on March 28. The company said it raised approximately $250 million of new equity capital through the sale of 72.5 million shares.

The moves from AMC come as the stock has soared this week alongside GameStop Corp (NYSE:GME) and several other stocks with high short interest amid the return of Keith Gill, best known as "Roaring Kitty" on YouTube and X or "DeepF***ingValue" on Reddit, to social media.

Gill is often credited with sparking the meme stock movement of 2021 that saw traders across Reddit's r/WallStreetBets relentlessly buy shares of GameStop and AMC, which ultimately led to short squeezes in the stocks.

Over the weekend, Gill posted a meme on X featuring a person sitting up and leaning forward in a chair, suggesting he was paying closer attention to GameStop, and markets in general. He has continued posting video clips on X throughout the week.

AMC Price Action: AMC shares were down 9.71% at $6.19 at the time of publication. Despite Wednesday's losses, AMC shares are still up approximately 114% for the week, according to Benzinga Pro.