AMC Entertainment Selling 50 Million Shares for $125 Million

Fiscally challenged AMC Entertainment, parent of world’s largest movie theater chain, AMC Theatres, is selling 50 million shares of Class A Common Stock to generate about $125 million in much-needed funding.

AMC said it will use the proceeds for “general corporate purchases, which include repayment, refinancing, redemption, or repurchase of outstanding debt.”

AMC shares are down 68% in 2020 after the pandemic all but shuttered the chain’s business in mid-March as the coronavirus began to spread. Earlier this month, AMC announced it had enough funds to keep the doors open through January.

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Headquartered in Leawood, Kansas, AMC celebrated its 100th birthday this year. The chain is the largest operator of movie theaters in world; as of December 2020 it has a global count of 960 theaters and 10,700 screens, down from  1,004 theaters and 11,041 screens at the beginning of this year, according to its corporate website.

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