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After giving up its majority control over AMC Theatres, Wanda America Entertainment, a U.S.-based division of Wanda, has reaped gains from the recent social media stock surge by the world’s largest cinema network.
WAE in an SEC filing on Friday said it had sold 15.6 million shares of AMC Theatres via three tranches for around $220 million. After converting Wanda’s class B common stock to class A common stock on Feb. 1, the filing reveals WAE sold 2.06 million class A shares on the same day at an average price of $14.59 per-share.
That was followed on March 19 by WAE selling another 1.58 million class A shares at a price of $14.43 per-share, and then on March 20 selling around another 12 million shares of class A common stock at a price of $13.98 per-share.
The latest sales of class a shares brings WAE’s ownership of AMC Theatres to 6.8 percent, down from a 9.8 percent stake on March 3. AMC’s stock climbed as high as $17.25 on Feb. 1, or around four times more than where shares were trading in late January, before the Reddit Wall Street Bets group began hyping the stock.
Shares in AMC Theatres have since fallen to around $9.55 in value on Friday. The share conversion in February meant Wanda gave up majority control over AMC Theatres.
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