The American airline United Airlines is carrying out a new share issue of 39.25 million shares after Covid-19 caused demand for travel to almost completely disappear, according to a press release.

The subscription price has been set at $26.50 per share and there is an over-allotment option of just over 3.9 million shares. United Airlines will therefore receive just over $1 billion.

United Airlines shares were down nearly 2 percent in after-hours trading after the news. So far this year, the stock has fallen nearly 70 percent.

Source: finwire