What happened After what has become an increasingly rare down day for AMC Entertainment (NYSE: AMC) stock yesterday, Thursday's session saw a rebound in the popular meme stock. After dropping 6.5% Wednesday, AMC shares popped 10% in today's session, marking the stock's second-highest closing price ever. So what Yesterday was the start of shareholder voting for the company's latest attempt to take advantage of its newly found popularity on Reddit online forums. CEO Adam Aron took to social media recently, asking retail investors in the stock to approve another 25 million shares to be available for sale. Voting began yesterday leading up to the company's shareholder meeting on July 29, 2021. Image source: Getty Images. Now what With the rise in popularity, and the sale of stock by its former owner and largest shareholder, AMC is now more than 80% owned by retail investors, according to the company. As shares have soared by an amazing 2,800% year to date, the company has been raising capital by issuing new shares. It has raised $1.25 billion in just the last month and a half. And Aron wants another 25 million shares available. He has said the company plans to use its additional capital to acquire new properties, pay down debt, and modernize its theaters. But the capital has come at a cost to existing shareholders in the form of dilution. The number of shares outstanding has grown by about 400% in the last year, and the additional shares, if approved and sold, would only continue that dilution. The good news is that its balance sheet is in much better shape, and the company's credit rating was upgraded last week. The new dynamic created by the improved balance sheet could, in fact, change the future of AMC's business. The story isn't over, though, and this will continue to be a bumpy ride for shareholders. 10 stocks we like better than AMC Entertainment HoldingsWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and AMC Entertainment Holdings wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source