AMC Entertainment Holdings (NYSE: AMC) will not water down investors after all. The cinema operator has reportedly abandoned plans to flood the market with 500 million new shares. Instead, only 43 million new shares will be sold.

Chairman and CEO Adam Aron told CNBC’s Jim Cramer last week that doubling the number of shares in the theater would allow the company to replenish its bank accounts when the stock was still trading at elevated levels. The massive dilution that would result from the inflow of stocks was the unfortunate but necessary collateral damage to give AMC a stable financial footing.

However, analysts and shareholders were not happy with the plan, and the theater chain’s board of directors subsequently suppressed the idea, but also said it reserved the right to re-examine it in the future.

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With the new, smaller at-the-money stock offering, AMC could still generate gross proceeds of around $ 500 million at current stock prices. The theater operator said the proceeds will be used for general corporate purposes, including working capital. Repaying, refinancing, repaying or buying back existing debt; Investment; or other investments.

AMC also released a preliminary run-up of its first quarter results, forecasting revenue of $ 148 million compared to $ 941.5 million a year earlier. Adjusted losses ranged from $ 295 million to $ 302 million compared to a profit of $ 3.1 million last year.

That’s better than the expected loss analysts of $ 515 million, though it fell short of their revenue projections, which came in at a consensus average of $ 158.4 million.

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