was an option to relieve the company's debt load. That report cited people with knowledge of the matter.Shares of AMC plummeted more than 18% Wednesday, dropping below $3 a share. AMC's stock, which has a market value of $387 million, has plunged around 60% this year. Recently, shares were off about 14%.
AMC has been focused on fundraising for months. The cinema chain already renegotiated its debt to improve its balance sheet this year and is exploring several ways of acquiring additional sources of liquidity. It is also trying to figure out ways to increase attendance levels, which have fallen 76% compared with last year.
Much of AMC's cash woes stem from a lack of returning customers and a limited number of new film releases. Additionally, AMC is missing out on potential revenue from states that have higher ticket prices and high concentrations of moviegoers, due to ongoing restrictions on theater operations.
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Source: WSJ - 🏆 98. / 63 Read more »