Why Is AMC Networks (AMCX) Stock Down 11% Today?


  • AMC Networks (AMCX) stock is down on Monday after announcing a private offering.
  • The company is selling $125 million worth of convertible senior notes due 2029.
  • It will use the funds from this sale for general corporate purposes.
AMCX Stock - Why Is AMC Networks (AMCX) Stock Down 11% Today?

Source: Casimiro PT / Shutterstock.com

AMC Networks (NASDAQ:AMCX) stock is falling on Monday after the video entertainment company announced plans for a private offering of convertible senior notes due 2029.

AMC Networks notes that this convertible offering will raise $125 million for the company. It will only be offering these convertible senior notes to institutional investors. Also, they will have a 13-day option starting on the first day the notes are issued to acquire another $18.75 million worth of notes.

AMC Networks already has plans for the funds it will raise from its notes offering. The company will use this money for general corporate purposes. It notes that this may include the repayment of its debts.

AMC Networks says the notes will mature on Feb. 15, 2029. It also mentions that the notes can only be converted before Nov. 15, 2028 if certain conditions are met. When the notes are exchanged, AMC Networks will pay cash, shares of AMCX stock or a mix of both to the holders.

AMCX Stock Market Movement on Monday

Despite the notes news, AMCX stock isn’t seeing much movement on Monday. Only about 10,000 shares of the stock have changed hands as of this writing. That’s well below its daily average trading volume of about 634,000 shares.

AMCX stock is down 10.9% as of Monday morning and was down 18.1% year-to-date when markets closed on Friday.

Investors will want to stick around for even more stock market stories today!

We have all of the hottest news investors need to know about on Monday! That includes everything happening with shares of Kaival Brands Innovations (NASDAQ:KAVL) stock, ENDRA Life Sciences (NASDAQ:NDRA) stock and Scinai Immunotherapeutics (NASDAQ:SCNI) stock today. All of this info is ready to go at the links below!

More Stock Market News for Monday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/why-is-amc-networks-amcx-stock-down-11-today/.

©2024 InvestorPlace Media, LLC