What's Going On With AMC Entertainment Stock?

AMC Entertainment Holdings Inc AMC is trending Tuesday. Here's a look at what's going on. 

What To Know: After the close on Monday, AMC said it completed its previously announced $350 million at-the-market equity offering, which it launched on Nov. 9. The company noted that it reduced its liabilities by $62.28 million as a result of the offering. 

AMC sold approximately 48 million shares at an average price of approximately $7.29 per share and used a portion of the proceeds to repurchase $50 million principal amount of its 10% second lien notes due 2026. In addition, the company exchanged $12.275 million principal amount of the 10% second lien notes due 2026 for approximately 1.6 million shares of common stock.

"Successfully raising an additional $350 million of equity capital and reducing debt by more than $62 million in a single month underscores our continued commitment to strengthen our balance sheet by bolstering liquidity and methodically reducing debt levels," said Adam Aron, chairman and CEO of AMC Entertainment.

"Through methodically fortifying our financial position as we progress along our recovery trajectory, we ensure our ability to manage through industry challenges, including the ongoing impact of the Hollywood strikes earlier this year, and position AMC to thrive in the future as we deliver value to our shareholders."

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AMC Price Action: AMC shares were down 1.27% at $7.02 at the time of publication, according to Benzinga Pro. 

Photo: Dave Dugdale from Pixabay.