American Airlines Flight 718, the first American Boeing 737 MAX commercial flight since regulators lifted a 20-month basis in November, departs from Miami, Florida, on December 29, 2020.
Marco Bello | Reuters
American Airlines has approved the sale of another $ 1 billion in inventory, the airline said in a submission Friday, an attempt to raise cash as Covid-19 continues to reduce travel demand.
American approved a $ 1 billion share sale in October and sold $ 882.4 million at $ 12.87 per share. Under the new deal, it would sell for up to $ 1.12 billion.
American’s decision comes on the heels of a sharp rise in its share price earlier this week after it was mentioned in the popular WallStreetBets Reddit forum. The airline declined to comment on whether the share was set off in its decision.
American shares fell nearly 7% on Friday. Other airline shares were also sharply lower. The carrier in Fort Worth, Texas and Southwest Airlines, each reported a record loss of 2020 on Thursday.