AMC Entertainment announced Thursday that it plans to sell more than 11 million shares amid the trading frenzy in its stock.

“Subject to the terms of the distribution agreement, we may from time to time offer and sell through our sales agents up to a total of 11,550,000 shares of our Class A common stock,” AMC said in an SEC filing.

AMC stock reversed its price in early trading and fell slightly after plummeting more than 20% in early trading.

AMC Entertainment has drawn the attention of WallStreetBets audiences for the past few weeks, propelling the stock nearly 140% this week to an all-time high of $ 62.55 on Wednesday. AMC is up 512% this quarter and a whopping 2,850% this year. The market value has risen to over $ 31 billion.

“We believe that recent volatility and our current market prices reflect market and trade dynamics that are unrelated to our underlying business or macro or industry fundamentals, and we do not know how long those dynamics will last,” that said Company in filing. “In these circumstances, we caution you not to invest in our Class A common stock unless you are willing to take the risk of losing all or a substantial part of your investment.”

In parallel with GameStop’s epic short squeeze in January, short sellers have increased their stakes against AMC stocks last month, potentially fueling the uptrend. According to S3 Partners, around 18% of the AMC shares available for trading will still be sold short by Wednesday.

AMC has adopted its new status as a meme stock. On Wednesday, the company launched AMC Investor Connect for its retail investors, offering them exclusive promotions such as a free tub of popcorn and direct communication with CEO Adam Aron, who is known as “Silverback”.

AMC said it plans to use the cash from the stock sale for “general corporate purposes,” which could include paying off existing debts and acquiring theater assets, among other things.

B. Riley Securities and Citigroup Global Markets are AMC’s sales agents for the sale of stocks.

Regardless, on Tuesday, AMC announced a sale of 8.5 million shares in Mudrick Capital at about $ 27.12 per share – worth about $ 230.5 million. Despite this share sale, the stock rose as private investors cheered the capital increase.