American Airlines Group on Tuesday announced a proposal for a public offering of 38.5 million shares of common stock, according to the company’s press release. The public offering comes after the devastating impacts of coronavirus affecting the company and the airline industry.
- American Airlines will grant the underwriter a 30-day option to purchase in part or whole, up to 5,775,000 additional shares of common stock.
- The Airline expects to use the net proceeds of the offering for general corporate purposes and enhancing its liquidity position.
- BofA Securities has been selected as a sole underwriter of the airline’s offering.
- From current price levels the stock fair value is around 12.20-12.30
American Airlines’ stock is currently declining. AAL: NASDAQ is down 3.41%
