AMC Stock Falls On Share Sale Announcement
Shares of AMC Entertainment traded sharply lower Wednesday morning after the company announced a plan to sell up to 40 million common shares.
Tweet on AMC stock news fluctuation
AMC Stock Falls On Share Sale Announcement!#amc #stocks #market #news pic.twitter.com/It47urSlo5
— The_Journalbiz (@the_journalbiz) September 6, 2023
Factset Chart AMC
The stock was recently down 29% at $9.67, on pace for a record closing low.
AMC said it plans to use the proceeds to bolster liquidity and repay debt, among other things. The announcement follows the news last month that AMC converted its preferred “APE” units to common stock and conducted a reverse stock split.
AMC’s stock is down more than 70% this year.
