AMC Entertainment CEO Adam Aron sold another tranche of stock in the movie theater giant, but says he is done selling for now.
A filing with the Securities and Exchange Commission on Wednesday revealed that Aron sold another $7.1 million in AMC stock this week. Since last fall Aron has sold more than $40 million in shares, after initially disclosing the plan in an earnings call last August. “Prudent estate planning suggests I should diversify my assets a bit,” he said at the time.
In a tweet following the disclosure Wednesday, Aron said that he is done selling.
“Back in August, I said that at age 67 I’d sell some AMC shares toward year-end, all trading decisions out of my hands, under guidelines of a Chase 10-b-5-1 plan spread over 3 months,” Aron wrote. “Those sales are now all finished. I STILL OWN OR PLAN TO VEST IN 2,302,760 AMC SHARES. I am in!”
The sales came as the movie theater chain grapples with its status as a meme stock, with retail traders propelling its share price upward (from $2 per share a year ago to a high of over $56 per share to $22.72 as of end of day Wednesday), and giving the company much-needed cash.
Aron said earlier this year that he intends to use the cash to lower the company’s debt load, even as it expands to other areas like NFTs and popcorn.
