Leawood-based AMC Entertainment raises millions in public stock offering

AMC Theatres unveils $20-a-month rival to MoviePass.
AMC Theatres unveils $20-a-month rival to MoviePass.
Published: Sep. 18, 2023 at 10:19 AM CDT
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LEAWOOD, Kan. (KCTV) - AMC Entertainment Holdings, Inc. raised more than $325 million in new equity capitol through its recent public stock offering.

The Leawood-based company said it sold 40 million shares through the offering, at an average price of $8.14 per share. The sale boosts the company’s cash reserves. AMC said it also addresses its current liquidity concerns.

AMC said its future is looking up after the stock offering and a 39% surge in the box office industry during the third quarter over the same period in 2022. The company also expects huge interest in the upcoming “Taylor Swift The Eras Tour” big screen experience that will hit theaters on Oct. 13. Tickets for “The Ears Tour” are currently on sale.

The stock offering comes after AMC ditched plans to charge more for seats with betting views. AMC began the pilot program in February in a handful of markets, but later reversed plans when other movie theater chains did not follow along with the plan. AMC said it planned to test larger seats in certain markets instead.