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Shares of AMC Entertainment traded sharply lower Wednesday after the company announced a plan to sell up to 40 million common shares.
The stock was recently down more than 35% at below $9, on pace for a record closing low.
AMC said it plans to use the proceeds to bolster liquidity and repay debt, among other things. The announcement follows the news last month that AMC converted its preferred “APE” units to common stock and conducted a reverse stock split.
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