Benzinga - AMC Entertainment Holdings Inc (NYSE: AMC) shares are moving Wednesday. A new filing with the SEC showed the company previously held talks with Cineworld Group (LON:CINE) over a potential acquisition.
What Happened: AMC was in talks with some of Cineworld Group's lenders regarding a potential strategic acquisition of some of its theaters in both the U.S. and Europe, according to a new regulatory filing.
On Wednesday, the company said it was no longer in discussions to acquire any assets from the bankrupt theater chain. AMC noted the acquisition would have been partly financed through the issuance of AMC Preferred Equity Units (NYSE: APE).
On Monday, AMC said it has raised approximately $162.4 million by selling 125.9 million preferred shares since inception of the APE units.
"At a time when one or more of our competitors have been facing potentially devastating liquidity challenges, by contrast during the past 90 days, AMC has been able to raise $162 million of additional cash through the sale of equity thereby improving our own liquidity position markedly. In addition, AMC reduced debt for the third time this year, including most recently by buying back debt at a substantial 61% discount," said Adam Aron, CEO of AMC.
AMC Price Action: AMC has a 52-week high of $21.08 and a 52-week low of $4.78.
AMC shares are up 1.97% at $5.18 at time of publication, according to Benzinga Pro.
Photo: Dave Dugdale from Flickr.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.