AMC files to sell 30 million shares after shares surge

AMC Entertainment (NYSE:AMC) is 4.8% lower postmarket on heavy volume, withdrawing from a 16% gain today, as it files to offer up to 30M shares.

Proceeds are set for general purposes, which may include “repayment, refinancing, redemption or repurchase of existing indebtedness or capital stock, working capital, capital expenditures and other investments.”

Shares bounced heavily today as AMC’s latest update confirmed that 70% of its U.S. theaters would be open this weekend, set to receive moviegoers anxious to see the Warner Bros. film Tenet along with other smaller recent releases

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