AMC shares slide more than 30% after theater chain announces plan to sell additional stock
Publishing timestamp: 2023-09-06 16:21:11
Summary
AMC Entertainment plans to sell up to 40 million new shares to raise cash, causing the stock to drop sharply. The company had previously sold shares to stabilize itself during the pandemic but needed shareholder approval to issue more. The U.S. movie business is still recovering from the pandemic, and ongoing strikes in Hollywood have affected the release slate. AMC will also serve as the distributor for a concert movie by Taylor Swift.
Sentiment: NEGATIVE
Tickers: AMC,
Keywords: business news, amc entertainment holdings inc, breaking news: markets, breaking news: investing, investment strategy, movie theater operation, entertainment, markets,
Source: https://www.cnbc.com/2023/09/06/amc-shares-fall-as-it-announces-plan-to-sell-additional-stock.html