American Airlines plans to sell another 1 1 billion stock after the big rally

American Airlines Flight 718 will take off from Miami, Florida on December 29, 2020, a US Boeing 737 Max commercial flight, after a 20-month grounding in November.

Marco Bello | Reuters

American Airlines has authorized the sale of another billion 1 billion in stock, the carrier said in a filing on Friday, in an attempt to raise cash due to slowing down demand for Covid-1 travel.

American sold 1 1 billion worth of stock in October, authorized to sell ણને 882.4 million worth of shares for .8 12.87. Under the new deal, it will sell up to 12 1.12 billion.

The decision by the Americans came on the heels of a sharp rise in its share price earlier this week after it was mentioned in the popular Wall StreetBates Reddit forum. The airline declined to comment on whether the stock move was a factor in its decision.

American shares were down about 7% in Friday afternoon trading. Other airlines stocks also fell sharply. Fort Worth, a Texas-based carrier, and Southwest Airlines reported record 2020 losses on Thursday.