Home Business Overwhelmed AMC Theaters is selling millions of shares to raise money

Overwhelmed AMC Theaters is selling millions of shares to raise money

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AMC Entertainment said on Thursday it has actually reached a handle some banks to sell up to15 Million shares, looking for to raise fresh funding as the pandemic batters the world’s biggest movie theater operator.

Shares of the business fell more than 4% in premarket trading.

AMC stated in a filing that postponement of significant releases slated for the Thanksgiving and Christmas holidays until next year would considerably impact its liquidity in the 4th quarter.

Walt Disney on Wednesday delayed the release of superhero film “Black Widow” and Steven Spielberg’s “West Side Story” till 2021 in another obstacle to movie theater operators. “Mulan” also avoided most theaters and went directly to Disney’s streaming platform.

Cineworld Group CINE.L, the world’s second-biggest cinema operator, echoed AMC’s concerns on Thursday, stating it may require to raise more money if theaters are shut again following fresh pandemic curbs.

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Drew Jones
Drew has always been known as a media jockey, founded a professional business, and a news blog covering the Apple ecosystem. He has served as News Editor and Managing Editor at The Next Web and is now Editor-In-Chief at Drew Reports News. He has made a name for himself in the media world as a writer and editor, relentlessly covering various topics. Contact Drew at drew@drewreportsnews.com.
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