AMC Theatres is backing away from its plan to authorize 500 million new shares of the company's stock. AMC had sought shareholder approval for the plan, which would have nearly doubled the total number of shares on the market if all 500 million were issued.
In an SEC filing Tuesday, the company said that "upon review and careful consideration with further discussions with management and its advisors," it was withdrawing the proposal.
Instead, the company announced an "at-the-market" offering that would see the company sell up to 43 million shares, withGoldman Sachs& Co.
LLC, B. Riley Securities, Inc. and Citigroup serving as the sales agents. AMC CEO Adam Aron has said in interviews over the past month that while the company had no plans to.
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