Top movie theater circuit AMC Entertainment said it has raised $428 million in new capital from the sale of 43 million shares at an average price of $9.94.The company announced the results of the sale, which followed a plan laid out in an April 27 SEC filing.
In April, the company announced the at-the-market stock sale plan and said it was ditching plans to boost the number of shares by 500 million the total number of authorized shares.The capital raise “will immediately buttress and fortify our liquidity profile,” CEO Adam Aron said, and “puts AMC in a stronger position to tackle the challenges and capitalize on the opportunities that lie ahead.”The reversal prevented a major stock overhang, which investors have greeted with enthusiasm.
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