AMC Entertainment Files to Sell Up to $250 Million of Stock
Dow Jones03-28
AMC Entertainment filed to sell up to $250 million worth of its stock in an at-the-market offering, a bid by the movie-theater chain to shore up its balance sheet after a soft first-quarter box office.
The company said it could use the proceeds, if any, from the potential stock sales to bolster liquidity, pay down debt or other purposes.
AMC said last year's Hollywood writers' and actors' strikes weighed on the box office in the first quarter. The company said it is also grappling with higher seasonal working capital requirements.
AMC shares fell 14.9% in premarket trading.
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