Movie theater foot traffic slightly increased between October 9th and October 23rd, inching up 1%. This doesn’t correspond with the regal cinema closures and film delays. There may be a discrepancy with the data.
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As Movie Theater Closures Continue, AMC Entertainment Plans $47.7M Stock Sale
AMC Entertainment plans to sell 20 million of its Class A shares, netting $47.7 million, as it contends with ongoing shutdowns of many of its movie theaters and a withdrawal of studio films from the 2020 release calendar.
COVID-19 hampered the release of Tenet in August and aside from less-expensive, targeted titles, wide releases have shifted to either later release dates or streaming debuts.
The company disclosed the move in an SEC filing Monday. Among the risk factors for investors listed by AMC in the filing is “our ability to obtain additional liquidity and our ability to continue as a going concern.”