AMC’s stock plunges more than 19% after filing for ‘at the market’ sale of up to $350 million in common shares

Shares of AMC Entertainment Holdings Inc. plunged 19.6% Thursday after the movie-theater chain and meme-stock darling filed for an “at the market” sale of up to $350 million in common shares.

In an SEC filing, AMC
AMC,
-13.68%
said that it intends to use the proceeds from the sale to bolster liquidity; to repay, refinance, redeem or repurchase its existing debts; and for general corporate purposes.