AMC Entertainment Holdings Inc AMC shares are transferring Wednesday. A brand new submitting with the SEC confirmed the corporate beforehand held talks with Cineworld Group over a potential acquisition.

What Happened: AMC was in talks with a few of Cineworld Group’s lenders relating to a possible strategic acquisition of a few of its theaters in each the U.S. and Europe, in keeping with a brand new regulatory submitting. 

On Wednesday, the corporate mentioned it was now not in discussions to amass any property from the bankrupt theater chain. AMC famous the acquisition would have been partly financed via the issuance of AMC Preferred Equity Units APE. 

On Monday, AMC said it has raised approximately $162.4 million by promoting 125.9 million most well-liked shares since inception of the APE models.

“At a time when one or more of our competitors have been facing potentially devastating liquidity challenges, by contrast during the past 90 days, AMC has been able to raise $162 million of additional cash through the sale of equity thereby improving our own liquidity position markedly. In addition, AMC reduced debt for the third time this year, including most recently by buying back debt at a substantial 61% discount,” mentioned Adam Aron, CEO of AMC.

See Also: AMC Entertainment Raises $162M With APE Share Sales, Buys New Theater: What You Need To Know

AMC Price Action: AMC has a 52-week excessive of $21.08 and a 52-week low of $4.78.

AMC shares are up 1.97% at $5.18 at time of publication, in keeping with Benzinga Pro.

Photo: Dave Dugdale from Flickr.