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AMC Insiders Sell Another $4 Million in Shares Amid Reddit Rally

Stock MarketsJun 10, 2021 09:51
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2/2 © Bloomberg. A moviegoer rides on an escalator at an AMC movie theater in New York, U.S., on Friday, March 5, 2021. The struggling U.S. box office is expected to rebound this weekend, when theaters in New York City, the second-largest U.S. movie market, reopen after a yearlong hiatus. 2/2

(Bloomberg) -- More board members at AMC Entertainment (NYSE:AMC) 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 $4 million in shares on Wednesday alone, according to filings with the U.S. Securities and Exchange Commission. The largest sale, $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 $1.64 million.

All told, AMC insiders have unloaded shares valued at $12.62 million in the past two weeks, including $8 million worth on June 4.

The Leawood, Kansas-based company’s stock had soared 2,227% 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 $800 million last week selling new shares.

AMC dropped 10% to $49.34 Wednesday and was down 2.8% at 8:19 a.m. in premarket trading Thursday in New York.

©2021 Bloomberg L.P.

AMC Insiders Sell Another $4 Million in Shares Amid Reddit Rally
 

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Breton McInnis
Breton McInnis Jun 10, 2021 10:43
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