Meme stock AMC down after deal with Goldman to sell up to 50 mln shares

Investing.com -- AMC Entertainment Holdings Inc (NYSE:AMC ) shares slumped 10% at $4.7 on Friday after movie theatre chain entered an agreement with Goldman Sachs Group (NYSE:GS ) to sell 50 million shares of Class A common stock.

The agreement will allow AMC to issue and sell shares through Goldman Sachs, which will act as a sales agent or principal buyer.

AMC said it plans to use proceeds from the stock sale to strengthen its balance sheet with increased liquidity, and lowering its debt.

The company also intends to invest in its "AMC GO Plan," which focuses on improving the movie-going experience with upgrades to seating, sound systems, and premium large format screens

Source: Investing.com