AMC Enters Agreement With Goldman To Sell Up To 50 Million Shares -- MarketWatch

Dow Jones12-06

AMC Entertainment Holdings Inc. $(AMC)$ has entered into a sales and registration agreement with Goldman Sachs Group Inc. $(GS)$ for up to 50 million shares of Class A common stock, according to an SEC filing. The movie theater chain and original meme stock may issue and sell shares "at any time and from time to time" through sales agent Goldman Sachs, AMC said, in the filing. AMC expects to use the proceeds from the sale "to strengthen the Company's balance sheet and reinvest in the Company's core business to elevate and differentiate the movie-going experience under the AMC GO Plan." The company's new GO - or "go on offense" Plan was announced last month, marking a major investment effort to boost the moviegoing experience at its theaters. AMC shares, which ended Thursday's session up 5.9% after the latest social media post from influential meme-stock trader Keith Gill, are down 7.9% in premarket trades. Earlier this year AMC completed a $250 million stock sale in the wake of the meme-stock rally sparked by the return of Keith Gill, also known as Roaring Kitty, to social media.

-James Rogers

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December 06, 2024 09:07 ET (14:07 GMT)

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