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AMC Leisure introduced it could have one other inventory sale, providing 50 million shares by way of Goldman Sachs.
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The theater chain operator mentioned it could use the cash to repay debt and improve its places.
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It was the most recent in a collection of steps the meme inventory favourite has taken not too long ago to spice up its funds.
AMC Leisure (AMC) shares sank practically 10% Friday when the struggling theater chain operator introduced one other inventory sale to lift wanted money.
The corporate wrote in a regulatory submitting that it could offer as much as 50 million shares by way of gross sales agent Goldman Sachs (GS), which it’s going to situation or promote “at any time and sometimes.”
AMC mentioned it could use the proceeds to repay, redeem, or refinance its present debt, and to spend money on its core enterprise to replace theaters, together with “a rise within the variety of branded premium massive format screens.”
The corporate, which turned one of many favorites of the meme inventory craze of early 2021, has taken a number of steps to shore up its monetary place within the current previous. Amongst them, a number of inventory gross sales and debt-for-equity swaps, together with a 1-for-10 reverse inventory cut up in the summertime of 2023 after changing AMC Most well-liked Fairness models into widespread shares.
Shares of AMC Leisure soared yesterday together with different meme shares when a hero of the motion, “Roaring Kitty” (a.okay.a. Keith Gill), posted one other cryptic image on X, the primary time he has been on the social media web site since September. With immediately’s selloff, the shares have misplaced practically 1 / 4 of their worth this 12 months.
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