Shares of movie theater chain AMC Entertainment (NYSE: AMC) fell today, losing as much as 9% this morning, after the company announced a stock offering. They had largely recovered as of 1:51 p.m. EDT and were only down by 1%.
AMC is conducting an "at-the-market" (ATM) offering for up to 15 million shares, whereby investment banks will sell shares at prevailing market prices over time at their discretion. Due to the nature of ATM offerings, it is difficult to estimate exactly how much AMC will raise in net proceeds, but whatever money it raises will be used for general corporate purposes.
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Source Fool.com