American Airlines to Raise $500 Million in Secondary Stock Offering

Shares of American Airlines Group (NASDAQ: AAL) jumped 15% on Monday after Pfizer reported a significant milestone toward the development of a COVID-19 vaccine. On Tuesday, American announced plans to sell shares into that rally, seeking to raise about $500 million in additional liquidity.

American and other airlines have been hit hard by the pandemic, and with travel volumes not expected to return to pre-pandemic levels for years, the industry has been scrambling to raise cash to weather the crisis.

Image source: American Airlines.

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Source Fool.com