(CNBC) -- Movie theater chain AMC is hoping to raise $125 million in fresh capital to stave off bankruptcy by selling 50 million shares in a new funding round, the company said Wednesday.
The largest cinema chain in the world raised $104 million earlier this month after selling roughly 38 million of 200 million in available shares. The company is trying to shore up its balance sheet to withstand the prolonged economic downturn as the coronavirus pandemic drags into a second year and threatens the viability of the movie industry.
Earlier this month, AMC received a $100 million investment from Mudrick Capital Management, but the cash-strapped cinema chain still needed at least $750 million of additional liquidity to fund cash requirements through 2021.
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