12 Best Penny Stocks to Invest In According to Billionaires

​10. AMC Entertainment Holdings, Inc. (NYSE:AMC)

Number of Billionaire Investors: 13

Total Value of Holdings: $29.7 billion

Number of Hedge Fund Holders: 35

AMC Entertainment Holdings, Inc. (NYSE:AMC) is one of the Best Penny Stocks to Invest In According to Billionaires. Recently, on June 25, AMC Entertainment Holdings, Inc. (NYSE:AMC) announced the closing of a registered direct stock offering by selling 95,250,000 shares at $2.00 each. The company raised approximately $200 million in gross proceeds.

​Management noted that they plan to use most of the proceeds to redeem all $125,471,000 of its 6.125% Senior Subordinated Notes due 2027. This move pushes back AMC’s next major debt repayment to 2029 and is expected to cut annual cash interest expense by about $7.7 million. Moreover, remaining funds will cover offering-related fees and expenses, plus general corporate purposes such as repayment of other debts.

​The company also plans to invest leftover cash into theater upgrades starting this fall, focusing on premium seating and screens at its top-performing locations. The company’s CEO, Adam Aron, noted that the offering strengthens the company’s balance sheet and cash position.

AMC Entertainment Holdings Inc (NYSE:AMC) is the largest movie theatre chain in the world. It operates roughly 850 theatre locations across the globe and focuses on delivering premium experiences. Its theatres feature power-recliner seats and offer a wide variety of content as well as food and beverage choices.