It's not a good time to be in the movie theater business. As theaters remain closed or open with limited capacity, AMC has developed a plan to stay afloat even as studios keep pulling theatrical releases from the schedule.

AMC Entertainment plans to sell up to 20 million of its Class A shares, which equates to $47.7 million. The company disclosed the move in an SEC filing Monday. Among the risk factors for investors listed by AMC in the filing is “our ability to obtain additional liquidity and our ability to continue as a going concern.”

Three weeks ago, AMC disclosed that its cash supply could run out by the end of the year, sparking a new round of anxiety that it could end up in bankruptcy. While key markets like San Francisco have come back online, large entertainment markets like New York remains off-limits. Regions of New York outside of the city last month reopened theaters. 

AMC's lack of liquidity has been a major storyline in the entertainment industry during the COVID-19 pandemic. It is not yet clear who might be a candidate to come to buy out AMC.

Tech companies like Netflix or Amazon would seem to have no constraints financially but have countered speculation that they could swoop in and buy theaters. Netflix reached a deal to operate the Egyptian Theatre in Los Angeles in a partnership with the American Cinematheque.

Private equity firms are one likely source of liquidity for AMC. Silver Lake already owns 31% of AMC and increased its position with a $600 million infusion in 2018.

In a desperate move to raise cash, AMC is offering the public the chance to rent out one of their cinemas for personal film screenings for up to 20 people at prices starting at $99. However, judging by Monday's SEC filing, AMC's efforts don't seem to be working. 

AMC movie theater chain An AMC movie theater is pictured. Photo: AFP / VALERIE MACON