Money

AMC Entertainment to seek investors approval for selling 500 million shares

By Umul Aiman Shaikh

Adam Aron on Thursday said Cinema operator AMC Entertainment Holding Inc is seeking shareholder approval to sell 500 million shares to the public.

The approval would give flexibility to the board to authorize future issuances for a variety of purposes, the company said.

A share sale could help AMC shore up its finances that have been hit by pandemic- related closures and delays in the launch of big movies as well as the growth of online entertainment providers.

In January AMC said that it had raised $917 million since mid-December through equity and debt issues. It raised an additional $304.8 million in the same month through a share sale.

Shares of the world’s largest theater chain were down about 5% in afternoon trading.

Tags: AMC Entertainment Cinema

Umul Aiman Shaikh

Umul Aiman is a media student currently pursuing her third year degree from Rizvi college of Arts, Science and Commerce (Mumbai) with a specialization in journalism. She has strong hold on Communication and Content writing .She is enthusiastic and passionate towards her work .She is currently working as journalist at USnewshour.com and can be reached at sumulaiman13@gmail.com