AMC Entertainment Holdings Inc. revealed on Friday it will issue up to 50 million shares of its Class A common stock, valued at $0.01 per share, aimed at raising capital.
Following the offering, the company will have 1,070,547 authorized but unissued Class A shares remaining, signaling that it may seek stockholder approval in the future to authorize more "authorization of an additional number of authorized and unissued and unreserved shares of Class A common stock, which may be used for at-the-market sales, exchanges of notes, private placement transactions, equity grant vesting, and other dilutive issuances."
The company's stock plunged 11.15% to $4.63 at 6:58 am ET.
