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Aron continues to own 95,997 shares, according to the filing, excluding about 2.9 million issuable in the future and based on performance targets.
CEO Adam Aron sold another $9.65 million in AMC stock as part of his estate planning, a move he warned investors he would make back in August. He sold 312,500 shares on Tuesday for an average of $30.86 apiece, according to a regulatory filing on Thursday. The CFO has to hold six years’ worth of salary in stock.
Did AMC CEO sell shares?
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. A separate filing on Wednesday showed he sold half of those shares Tuesday at an average price of $40.53.
Can Aron persuade investors to allow AMC to issue more stock?
Aron’s latest push to persuade investors to allow AMC to issue more stock comes just months after it failed to gain shareholder support to add 500 million shares.
AMC Entertainment said it is seeking approval to boost its stock authorization by 25 million shares. CEO Adam Aron sat down Thursday night with Trey Collins, host of the Trey’s Trades channel on YouTube, to make his case to investors.
How did AMC Entertainment make $800 million in cash?
In the last week, AMC has sold 20 million shares in two separate deals, generating around $800 million in cash. The first transaction involved Mudrick Capital, which paid more than $230 million for 8.5 million shares. Then, AMC revealed Thursday that it had sold an additional 11.5 million shares for $587 million.
Could AMC have avoided bankruptcy?
Aron said AMC had been using stock sales to raise funds for months and without these additional shares, the company would not have avoided bankruptcy. Aron pointed to the sale of around 200 million new shares in December, for which the company garnered around $844 million, as evidence of this.