AMC Entertainment Holdings, Inc. ( AMC ) shares are trading higher Wednesday. The company disclosed a debt retirement move in a SEC filing late Tuesday. Here’s what you need to know.

What To Know: After the market close on Tuesday, AMC filed a Form 8-K with the SEC detailing recent moves to extinguish debt.

The company said it entered into a series of privately negotiated agreements to retire $24.22 million in unsecured debt through 5.75% subordinated notes due 2025 between Nov. 8 and Nov. 12.

AMC said it repurchased and exchanged the debt with 5.79 million shares of the company’s common stock and $1.04 million of cash. The transaction aligns with AMC’s goal to reduce debt load through strategic share exchanges.

AMC shares are up about 11% over the past month. Recent strength may also be tied to a meme-stock resurgence. AMC often trades in sympathy with GameStop Inc. , which has been on the rise in recent weeks following a disclosure that Keith Gill, known as "Roaring Kitty," sold his stake in Chewy Inc. ( CHWY ) last month.

Gill is a well-known figure from the 2021 meme-stock phenomenon. He showed interest in Chewy stock earlier this year before dumping his stake in September. GameStop ( GME ) shares have been trending higher since the filing.

Chewy was Gill’s only other publicly known investment outside of GameStop ( GME ). Retail investors are now speculating about the meme-stock trader’s next move, which may be sparking some renewed interest in AMC as well.

"Roaring Kitty" hasn’t shared a position update on social platforms since June when he posted a screenshot on Reddit showing he was holding approximately nine million shares of GameStop ( GME ).

AMC Price Action: AMC entertainment shares were up 3.4% at $4.71 at the time of writing, according to Benzinga Pro.

Read Next:

Amgen Defends Its Investigational Monthly Weight Loss Injection After Analyst Cites MariTide’s Impact on Bone Density

Image Via Shutterstock.