Shares of AMC Entertainment Inc. fell on Thursday after chief executive Adam Aaron disclosed the sale of more shares, but tried to reassure investors by saying they had been sold.
according to a Form 4 Filing In conjunction with the Securities and Exchange Commission late Wednesday, Aaron sold 312,500 shares on the open market on January 11 as part of a pre-arranged, Rule 10b5-1 trading plan. Shares were sold in multiple transactions ranging from $22.16 to $23.74, or a weighted average price of $22.846, as Aaron raised approximately $7.14 million.
Movie Theater Operator’s Stock AMC,
It had traded in an intraday range of $22.09 to $23.75 that day, before closing at $22.79.
He reminded investors that in August last year, he said he would sell some of his shares at the end of the year, but said those trading decisions were “out of my hands.”
“Those sales are all over now,” Aaron tweeted overnight.
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To raise $42.12 million over the past three months, Aeron sold a total of 1.25 million shares at a weighted average price of 33.693, including 312,500 shares for $30.867 on December 7 and $625,000 on November 9 for $40.529.
The stock fell 0.4% in morning trade, surpassing an earlier loss of 2.4%. It is now down 49.8% since November 8, the day Aaron began selling shares, while the S&P 500 index SPX,
Has ticked up 0.3% at the same time.
Wednesday’s filing showed that Aeron still holds 205,086 Class A shares, but does not include 780,915 shares issued on a continuing service basis and 1,316,759 shares issued on achievement of performance targets, totaling It could be valued at around $52.1 million at current prices.
“I still have 2,302,760 AMC shares or am planning to invest in it,” Aaron tweeted. “I’m in!”
The stock is down 40.3% over the past three months, but has gained 937.6% over the past 12 months.