08:53 AM EDT, 03/28/2024 (MT Newswires) -- AMC Entertainment Holdings ( AMC ) said Thursday it has engaged Citigroup (C) Global Markets, Barclays (BCS) Capital, B. Riley (RILY) Securities, and Goldman Sachs (GS) to conduct an "at-the-market" offering to potentially raise $250 million, according to a regulatory filing with the US Securities and Exchange Commission.

The brokerage firms will sell AMC's Class A common shares with a par value of $0.01 per share from time to time based on the company's instructions and may receive compensation of up to 2.5% of the gross sales price, AMC said.

The company said it expects to use the net proceeds from the offering to repay or refinance debts, meet general corporate needs, and address liquidity challenges from low box office performance in Q1, driven partly by industry strikes in 2023.

Shares of the company were down 13% in recent Thursday premarket activity.

Price: 3.78, Change: -0.57, Percent Change: -13.02