What's Going On With AMC Entertainment Stock Today?

AMC Entertainment Holdings, Inc. AMC shares are falling on Thursday.

The stock has fallen more than 40% after the company annonced an agreement  agreement to sell shares through an at-the-market offering on Wednesday.

What To Know:

AMC announced the equity distribution agreement which will allow the company to sell up to 40 million shares of common stock from time to time in an offering program. 

AMC stated that it will use any proceeds from the potential sale of shares to "bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness (including expenses, accrued interest and premium, if any) and for general corporate purposes."

AMC shares are falling on very heavy trading volume. According to Benzinga Pro, mroe than 21 milion shares have already been traded in the session, compared to the stock's 100-day average of 8.428 million shares.

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AMC Price Action: According to Benzinga Pro, AMC Entertainment shares are down over 9% at $7.83 at the time of publication.

Image: Gerd Altmann from Pixabay