AMC Entertainment Shares Plunge After Announcing a Stock Sale to Raise Cash, Again
AMC Entertainment Holdings shares plunged over 13% Thursday after the struggling movie theater chain announced another stock sale to raise needed cash.
AMC indicated it would be putting up as much as $350 million worth of its Class A shares in an “at the market offering.”
The company explained in a regulatory filing that it intends to use the money raised “to bolster our liquidity, to repay, refinance, redeem or repurchase our existing indebtedness (including expenses, accrued interest and premium, if any) and for general corporate purposes.”
This is the second time in two months that AMC decided on a stock sale to bolster its finances. In early September, it brought in $325 million after selling 40 million shares at an average price of $8.14 per share.
Less than a month prior to that, the company initiated a 1-for-10 reverse stock split in another effort to increase capital after CEO Adam Aron warned that raising fresh equity in the near term was “critical to the company.”
The news of the new stock sale came a day after AMC posted better-than-expected quarterly results as it benefited from the summer movie blockbusters, “Barbie” and “Oppenheimer.” $AMC院線 (AMC.US)$
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