Shares of AMC Entertainment (NYSE: AMC) were down about 5% in afternoon trading on Monday as the Dow Jones Industrial Average tumbled more than 500 points to kick off trading in the new year.
The theater owner filed with the Securities and Exchange Commission last week notice of its intent to sell 50 million shares in an effort to stave off bankruptcy. AMC recently raised $100 million from one of its lenders, but it still needed another $750 million to continue operating through the end of 2021. Some of its lenders have urged it to file for bankruptcy.
The share offering comes weeks after AMC registered 200 million shares to sell to raise cash.