American Airlines Flight 718, the first US Boeing 737 MAX commercial flight since regulators grounded for 20 months in November, will depart from Miami, Florida on December 29, 2020.
Marco Bello | Reuters
American Airlines has approved the sale of an additional $ 1 billion in stock, the airline said in a filing Friday, an effort to build cash as Covid-19 continues to push travel demand.
American approved a $ 1 billion share sale in October and sold $ 882.4 million at $ 12.87 per share. Under the new agreement, it would sell up to $ 1.12 billion.
American’s decision comes on the heels of a soaring stock price earlier this week, after it was mentioned on the popular WallStreetBets Reddit forum. The airline declined to comment on whether the stock movement had been factored into its decision.
Shares of American fell nearly 7% during afternoon trading on Friday. The shares of other airlines were also significantly lower. The Fort Worth, Texas-based airline and Southwest Airlines each reported record losses for 2020 on Thursday.