What's Going On With AMC Entertainment Stock?

AMC Entertainment Holdings Inc AMC shares are trading lower by 7.5% to $8.06 Friday afternoon on continued weakness after the company recently reported third-quarter financial results and announced a $350 million at-the-market offering.

What's Up With The Offering?

AMC this week entered into an equity distribution agreement with Citigroup Global Markets Inc., Barclays Capital Inc., B. Riley Securities, Inc. and Goldman Sachs & Co. LLC to sell shares of its Class A common stock.

Under this agreement, the company may sell up to $350 million worth of Class A common stock through these sales agents. The sales may occur through various methods, including at-the-market offerings, negotiated transactions or directly on the New York Stock Exchange.

The sales agents will use their efforts to sell the designated shares, and the company may instruct them on pricing. The sales agents may also purchase shares as principals.

See Also: What's Going On With Nikola Corporation Stock Today?

What Happened With Earnings?

AMC's third-quarter report revealed a robust financial performance with a revenue of $1.41 billion, indicating a 45.2% year-over-year increase, surpassing the Street consensus estimate of $1.17 billion. The company reported a loss of 9 cents per share, significantly beating the Street consensus estimate of a loss of 38 cents per share.

Adjusted EBITDA for the quarter stood at $194 million, marking the company's best third-quarter results for both revenue and EBITDA in its history...Read More

According to data from Benzinga Pro, AMC has a 52-week high of $91.50 and a 52-week low of $7.05.