AMC Plunges 20% as Company Looks to Raise Cash Through Additional Share Offering

AMC's stock price fell sharply by 20% after announcing plans to sell up to 40 million additional shares to raise cash. AMC had fully utilized its allotment of shares previously and needed shareholder approval to issue more shares. The additional AMC stock will be sold through "at-the-market" offerings by Citibank, Barclays, B. Riley Securities, and Goldman Sachs without a defined timeframe. The US movie theater business remains below pre-pandemic levels and ongoing Hollywood strikes have clouded the movie release schedule for late 2023 and 2024.