AMC drops on plan to sell 50 mln shares through Goldman Sachs

Unity Software

06/12/2024 12:43

** Shares of AMC Entertainment  AMC.N  down 9% to $4.73
premarket as theater chain plans to raise equity
** Co files up to 50 mln share ATM (at-the-market) agreement
with Goldman Sachs  GS.N  as sales agent
    ** Under the agreement, co may also enter into forward
transactions to sell shares to Goldman
    ** Co says intends to use net proceeds from any sales to
bolster liquidity, reduce or refinance debt, reinvest in core
business
    ** It has ~381.5 mln shares outstanding as of Dec 5, per the
filing
** AMC shares on Thurs jumped ~6% to close at $5.20 after
cryptic post from Keith Gill, known as '"Roaring Kitty",
rekindled retail investor hype on meme stocks, including video
game retailer GameStop  GME.N  and Unity Software  U.N 
    ** Through Thurs, AMC shares down 15% YTD

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))