AMC Entertainment Holdings Inc. (NYSE:AMC) said Thursday it completed its previously announced $150 million at-the-market equity offering, raising the full amount through the sale of approximately 105.3 million shares.
The company said the proceeds strengthen its cash position and balance sheet while providing additional financial flexibility. AMC noted the capital raise comes as the theatrical industry continues to recover, supported by a record May box office and six films that generated domestic opening weekends of more than $75 million over the past 11 weeks.
Management Commentary And Strategic Priorities
Chairman and CEO Adam Aron said the offering strengthens AMC’s balance sheet, boosts cash reserves, and supports its long-term strategic objectives, including increasing Adjusted EBITDA, reducing leverage, enhancing the guest experience, and creating shareholder value.
The announcement comes a day after AMC shares surged amid retail trading activity sparked by an unverified social media post claiming that Keith Gill’s, or “Roaring Kitty’s,” brother said the stock could rise above $10.
The rally also followed strong operating data released earlier this month, with AMC reporting 25.5 million guests attended its theaters globally in May, the company’s strongest May attendance since 2019.
AMC Entertainment Analyst Outlook
Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price forecast of $1.68. Recent analyst moves include:
- Citigroup: Sell (Raises forecast to $1.20) (May 7)
- Benchmark: Upgraded to Buy (Forecast $2.50) (May 6)
- Macquarie: Neutral (Lowers forecast to $1.50) (Feb. 26)
Price Action
AMC Stock Price Activity: AMC Entertainment shares were up 6.97% at $2.23 at the time of publication on Thursday, according to Benzinga Pro data.
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