Shares of AMC Entertainment are surging after the movie theater giant announced it raised more cash after completing a share equity program.
AMC shares closed up nearly 24% on the New York Stock Exchange Thursday, and climbed another 3% in pre-market trading Friday.
On Thursday, AMC announced it completed its 43 million share at-the-market equity program, which netted the struggling entertainment company $428 million in cash.
“Bringing in an additional $428 million of new equity capital will immediately buttress and fortify our liquidity profile,” said AMC CEO and President Adam Aron in a statement. “The additional cash raised puts AMC in a stronger position to tackle the challenges and capitalize on the opportunities that lie ahead.”