AMC Entertainment Announces Another Stock Sale, and Shares Tumble | Global News Avenue

AMC Entertainment (aviation medical centerShares of the struggling theater chain fell nearly 10% on Friday after it announced another stock sale to raise needed cash.

The company wrote in a regulatory filing that it will offer up to 50 million shares through sales agent Goldman Sachs (GS), it will be issued or sold “at any time and from time to time.”

AMC said it will use the proceeds to repay, redeem or refinance its existing debt and invest in its core business to update theaters, including “increasing the number of branded premium large-screen screens.”

The company became one of the most popular meme stocks boom in early 2021 and has recently taken a number of steps to shore up its financial position. Among them, there are several stock sales and debt-for-equity swapand 1-for-10 reverse stock split The conversion of AMC preferred stock units into common stock will take place in the summer of 2023.

AMC Entertainment Stock soared yesterday Become a hero of this movement along with other meme stocks, “Roaring Kitten” (aka Keith Gill)posted another mysterious photo on X, his first appearance on the social media site since September. With today’s sell-off, the stock has lost nearly a quarter of its value this year.