Benzinga | Aug 18, 2020 03:37PM EDT

Why Cinemark's Stock Is Trading Lower Today

Cinemark (NYSE:CNK) shares are trading lower on Tuesday after the company announced a $400 million convertible senior notes offering.

Cinemark is the third-largest motion picture exhibitor in the United States. The company operates 4,568 screens in 37 states and 12 Latin American countries. Cinemark generates nearly $2 billion in revenue--approximately 60% from admissions, 30% from concessions, and 10% from other sources, such as in-lobby video games. Most of Cinemark's theaters are located in midsize cities or suburbs of large cities.

Cinemark's stock traded down 1.73% to $11.06 per share at the time of publication on Tuesday. The stock has a 52-week high of $39.81 and a 52-week low of $5.71.