AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading lower Thursday after the company announced an at-the-market offering program.
What Happened: In a new regulatory filing, AMC said it entered into an equity distribution agreement to sell up to $250 million of its common stock from time to time in an at-the-market offering.
AMC intends to use the net proceeds to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness and for general corporate purposes.
“Among other reasons, the offering is being conducted to enhance the Company's liquidity in light of the low first quarter box office, resulting in part as previously disclosed from the Writers Guild of America strike and the Screen Actors Guild-American Federation of Television and Radio Artists strike that occurred during 2023, ...