AMC Plunges 20% as Company Looks to Raise Cash Through Additional Share Offering
AMC's stock price fell sharply by 20% after announcing plans to sell up to 40 million additional shares to raise cash. AMC had fully utilized its allotment of shares previously and needed shareholder approval to issue more shares. The additional AMC stock will be sold through "at-the-market" offerings by Citibank, Barclays, B. Riley Securities, and Goldman Sachs without a defined timeframe. The US movie theater business remains below pre-pandemic levels and ongoing Hollywood strikes have clouded the movie release schedule for late 2023 and 2024.
Transcript
00:00 Benzinga and here's what's on the block. AMC's stock price fell sharply by 20% after announcing
00:05 plans to sell up to 40 million additional shares to raise cash. AMC had fully utilized its allotment
00:10 of shares previously and needed shareholder approval to issue more shares. The additional
00:15 AMC stock will be sold through at-the-market offerings by Citibank, Barclays, B. Riley
00:19 Securities, and Goldman Sachs without a defined time frame. US movie theater business remains
00:24 below pre-pandemic levels and ongoing Hollywood strikes have clouded the movie release schedule
00:28 for late 2023 and 2024. For all things money visit Benzinga.com