Shane Obata discusses AMC
More board members at AMC Entertainment Holdings Inc. are rushing to lock in gains from the movie-theater giant’s Reddit-fueled stock surge, making another wave of sales this week.
Insiders sold nearly US$4 million in shares on Wednesday alone, according to filings with the U.S. Securities and Exchange Commission. The largest sale, US$854,113, was by board member Kathleen Pawlus, a former finance executive at accounting firm Ernst & Young.
Directors Howard Koch Jr., Philip Lader, Adam Sussman and Anthony Saich also sold on Wednesday. Koch, a movie producer and former president of the Academy of Motion Picture Arts & Sciences, sold shares June 7 as well, bringing his total sales this week to US$1.64 million.
All told, AMC insiders have unloaded shares valued at US$12.62 million in the past two weeks, including US$8 million worth on June 4.
The Leawood, Kansas-based company’s stock had soared 2,227 per cent this year through Wednesday, leading the latest explosion of so-called meme stocks. Chief Executive Officer Adam Aron has been a cheerleader for the gains and repeatedly has said he hasn’t sold any shares himself. AMC raised more than US$800 million last week selling new shares.
AMC dropped 10 per cent to US$49.34 Wednesday and was down 2.8 per cent at 8:19 a.m. in premarket trading Thursday in New York.