AMC Entertainment (AMC) shares sank nearly 10% Friday when the struggling theater chain operator announced another stock sale to rais⭕e needed cꦅash.

The company wrote in a regulatory filing that it would be offering up to 50 million shares through sales agent Goldman Sachs (GS), which it will issue or sell "at any time and from time to time."

AMC said it would use the proceeds to repay, redeem, or refinance its existing debt, and to invest in its core business to update theaters, including "an increase in the number of branded premium large format screens."

The company, which became one of the favorites of the 澳洲幸运5官方开奖结果体彩网:meme stock craze of early 2021, has taken several steps to shore up its financial position in the recent past. Among them, several 澳洲幸运5官方开奖结果体彩网:stock sales and 澳洲幸运5官方开奖结果体彩网:debt-for-equity swaps, along with a 1-for-10 澳洲幸运5官方开奖结果体彩网:reverse stock split in the summer of 2023 after converting AMC Preferred Equity units i🅘nto common shares. 

Shares of AMC Entertainment 澳洲幸运5官方开奖结果体彩网:soared yesterday along with other meme stocks when a hero of the movement, 澳洲幸运5官方开奖结果体彩网:"Roaring💖 Kitty" (a.k.a. Keith Gill), posted another cryptic picture on X, the first time he has been on the social media site since 澳洲幸运5官方开奖结果体彩网:September. With today's selloff, the shares have lost nearly a quarter of their value this year.