News

#The Wall Street Journal: AMC CEO Adam Aron to sell about $53 million in shares

Table of Contents

“#The Wall Street Journal: AMC CEO Adam Aron to sell about $53 million in shares”

Aron mentioned sale on Monday’s earnings call, said he will still own 2 million shares after sale

Adam Aron, the chief executive of AMC Entertainment Holdings Inc., on Tuesday filed to sell about $53 million worth of his shares in the company.

AMC
AMC,
-4.11%,
the world’s largest cinema chain with nearly 1,000 theaters worldwide, has become known for an enthusiastic base of retail investors who often coalesce on social media around their supposed commitment to hold on to shares and never sell them. Aron has leaned into AMC’s status as a meme stock and regularly engages with his online fan base.

Aron hired JPMorgan Securities LLC to handle the sale of 1.25 million shares, according to a securities filing. A separate filing on Wednesday showed he sold half of those shares Tuesday at an average price of $40.53. He will transact all the sales under a pre-arranged trading plan he adopted in August.

Aron had said on an earnings call Monday that he would soon begin selling some of his shares.

“I can only imagine that naysayers and others who wish AMC harm will try to spread fear, uncertainty and doubt in this regard,” Aron said, noting that even after his sales he will still own more than 2 million shares.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

The journey of one Southwest plane explains the misery of travel now.

China’s plan to manage Evergrande: Take it apart, slowly.

Alexander Gladstone

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.