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.
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.
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