AMC Entertainment Raises $428 Million From Stock Issue
One of the most cash-starved companies on the market, AMC Entertainment Holdings (NYSE: AMC) is thankfully getting a bucket of the green stuff. The movie-theater chain operator announced Thursday that it has completed its LATEST secondary stock issue, which has raised gross proceeds of around $428 million. (That amount is before the deduction of commissions and fees.)
The flotation was announced late last month. The company delivered on its pledge to issue 43 million new Class A common shares in an at-the-market equity program. On average, the shares sold for $9.94 apiece. In its original announcement, AMC said the issue would be more than sufficient for its cash needs for the remainder of 2021.
Image source: AMC Entertainment Holdings.
Source Fool.com
