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AMC Entertainment Stock Plunges As Chain Files To Sell 40 Million Shares
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deadline.com
deadline.comAMC Entertainment is setting the table to sell up to 40 million shares, which it can now do with stockholder approval and after it dispensed with its APE units.
But just because stockholders approved a sale doesn’t mean they’re happy with the move, which dilutes their holdings. AMC shares are down more than 20% in mid-morning trade at about $10.81.
The shares have more wiggle room now, however, thanks to a recent 10 for 1 reverse stock split, one of a series of maneuvers in what’s been a nail-biter of a summer for the giant theater chain.
The prospectus filed with the SEC doesn’t obligate AMC to sell shares but means it has them at the ready if it needs to raise cash to support an improved but still vulnerable business.
Read more on deadline.com
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