Shares climbed 20% to $23 at 11:00 a.m. in New York, extending gains for a fourth day, as the Leawood, Kansas-based firm surpassed the milestone. AMC’s revival has been fueled by individual investors eager to save the movie theater industry after it increased more than $1 billion in funding to prevent insolvency over recent months. The inventory is up 1000% year-to-date.

Chief Executive Officer Adam Aron has adopted the Reddit-fueled rally and spoke to new retail investors on conference calls. Thursday’s milestone stands out from a market value bottom of $216.8 million which was hit in April 2020.

While Chad Beynon, an analyst with Macquarie Securities, is awaiting AMC to continue to shed debt and lease obligations prior to becoming more constructive on stocks, he acknowledged the mania individual investors can create.

“The Reddit audience is strong, the volumes have been off the charts recently, so there’s clearly need that was not there pre-Covid,” he said by telephone. The company’s ability to increase money at over $10 per share earlier in the month”marked the first time that the business was able to financially gain from the Reddit rally,” he explained.

The cash AMC has increased through the sales of hundreds of millions of additional stocks is a key driver for its huge run-up in market value regardless of the stock really trading down more than 35 percent from a 2015 summit. Over 490 million shares of AMC are now available for trading, data compiled by Bloomberg show, almost ten-times that the 52 million shares outstanding at the beginning of last year.

Debt tied to AMC has rallied along with stocks, setting new highs in recent days. The company’s bonds, which were trading at a low of 5 cents in November, are inching close to par, based on Trace trading data. That debt carries a hefty coupon of 12% for the notes due 2026.

AMC’s bonds were among the top performers in the U.S. high-yield marketplace on Thursday, extending gains from earlier in the week.

The business said previously it might seek more funding, and a few investors have suggested it sell more shares to pay down or seem to refinance its more than $10 billion debt burden.

The theater series”will carefully inspect the raising of further funds in whatever form we think is most attractive” and is concentrated on de-leveraging, Aron stated on a telephone to talk about fourth-quarter effects in March.

The business’s most up-to-date resurgence at the control of individual investors has pushed the market value to more than double its April 2017 peak of $4.17 billion before the year’s trading. Put a different way, AMC has consistently added more than $1 billion in each of the last three sessions — over twice its value at the beginning of the year.

The movie theater company’s ability to post strong box office numbers as it reopens in key markets such as New York and California will be important, B. Riley Securities analyst Eric Wold said by phone.