UA is considering raising more cash (at today's stock price -- $1.9B) -- this could be read as:
pessimistic -- more protection for a longer negative cash burn
or as optimistic -- building a buffer for capital investment
Item 8.01 Other Events.
On February 25, 2021, United Airlines Holdings, Inc. (“UAL”) announced that its board of directors authorized UAL to issue and sell, from time to time,up to 37,000,000 shares of UAL common stock in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended. Sales under any such “at the market offerings” are subject to the entry into an equity distribution agreement with applicable managers, as well as market and other conditions, and there is no assurance that UAL will proceed with any such offering.