MGM MIRAGE (MGM) Auditor Gives All Clear on Going Concern; Shares Spike
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In a Form 8-K, MGM MIRAGE (NYSE: MGM) disclosed that its auditor has concluded that there is no longer substantial doubt about its ability to continue as a going concern.
The announcement follows news on May 19 that MGM had completed a public offering of 164.5 million shares of its common stock at $7 per share, with proceeds of approximately $1.1 billion.
Shares of MGM are jumping on the news. After closing at $5.84, or down 1.35%, shares of MGM are now trading around $6.36, up nearly 9% from the close.
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