AMC’s CEO Says He’s Done Selling Shares, $42 Million Later
(Bloomberg) -- Adam Aron, AMC Entertainment Holdings Inc.’s meme-courting chief executive officer, said he’s done selling shares after parting with $7.1 million more this week, bringing his total proceeds since November to $42 million.
“Back in August, I said that at age 67 I’d sell some AMC shares toward year-end,” he tweeted Wednesday. “Those sales are now all finished.”
Aron sold 312,500 shares on Tuesday, according to a filing with the U.S. Securities and Exchange Commission. He had said on a November earnings call there would be a “brief wave” of sales.
That still leaves Aron with 2,302,760 in equity grants worth more than $52 million based on AMC’s latest closing price. Nearly all of those 2.3 million stock units are unvested. He has attributed the sales to prudent estate planning.
AMC’s shares began surging almost a year ago thanks to an army of retail investors who rushed in to defend the company against short sellers. Many of those investors have held AMC shares even after the stock started retreating.
The world’s largest theater chain struggled even before the pandemic prompted theater closures and film postponements. The surge of investors, however, allowed AMC to sell stock to improve its finances.
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