AMC Tumbled Over 13% in Premarket Trading After Filing Prospectus Supplement For The Sale Of Up To 40 Million Shares
Dow Jones2023-09-06
Shares of AMC Entertainment Holdings Inc. $(AMC)$ tumbled over 13% toward the lowest price seen since January 2021.
It disclosed an equity distribution agreement in which the company could sell up to 40 million common shares. That would represent up to 7.7% of the common shares outstanding. The shares sales, if any, may be "at the market offerings" or could be to sales agents through block trades.
The stock, which underwent a 1-for-10 reverse stock split on Aug. 24, was on track to open at the lowest price seen during regular-session hours since Jan. 15, 2021. It has tumbled 66.7% over the past three months through Tuesday, while the S&P 500 has gained 5.0%.
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