AMC Entertainment Holdings (NYSE:AMC) saw its shares drop over 14% on Thursday following its announcement of a new equity distribution deal valued up to $250 million. The company plans to occasionally sell its Class A common stock under this agreement, aiming to raise as much as $250 million.

AMC aims to utilize the raised funds for various purposes, including enhancing its liquidity, reducing or refinancing existing debts, and covering general corporate needs.

The company’s liquidity has been negatively impacted by a disappointing box office performance in the first quarter, a situation partly attributed to last year’s strikes by the Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists.

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