What's Going On With AMC Entertainment Stock?

AMC Entertainment Holdings Inc AMC shares are moving lower Tuesday, adding to significant losses over the last month. Here's a look at what's going on.

What To Know: AMC shares cratered in late August after the company enacted a 10-to-1 reverse stock split. The movie theater chain also converted its preferred equity shares (APE units) into common stock just one year after the APE units began trading. 

Shares continued to decline at the start of September after AMC entered into an agreement to sell up to 40 million shares of common stock from time to time in an offering program.

Last week, AMC announced that it completed its at-the-market offering, raising approximately $325.5 million of new equity capital.

"Raising more than $325 million in gross proceeds has bolstered our ability to survive and then thrive," said Adam Aron, president and CEO of AMC.

Shares got a lift from the announcement, but it was short-lived. The stock has trended lower since and is now down more than 66% in just the last month. AMC has lost more than 90% of its market value over the last year, despite a resurgence in box office numbers.

During the company's most recent quarterly call, Aron said the third quarter was off to an "explosive start," driven by the success of movies like Barbie, Oppenheimer, Mission Impossible and Sound of Freedom. Last week, Aron noted that box office numbers are up 39% year-over-year so far this quarter. 

On Tuesday, AMC's stipulation and proposed order of dismissal was filed in the court of chancery of the state of Delaware.

See Also: Ken Griffin Doesn't Want You To See 'Dumb Money' Movie, Screenwriters Say That's Why You Should

AMC Price Action: AMC shares were down 4.23% at $7.47 at the time of publication, according to Benzinga Pro.

Photo: Paul Sableman from Flickr.