AMC board members sold close to $4 million in shares this week, cashing in on the company’s latest monster rally fueled by its “meme stock” status.
Three members of AMC’s board of directors each sold-off shares worth more than $800,000, while two more members sold shares worth more than $700,000 per director, according to Securities and Exchange Commission filings.
Three of the transactions took place on Tuesday, when AMC stock traded as high as $59 per share. Two more transactions took place on Wednesday, as AMC stock slipped from above $52 at opening to below $49.50 at close.
AMC shares were trading at about $42.80 on Friday morning — down more than a quarter from Tuesday’s high but still 20 times higher than at the beginning of 2021.
AMC, which saw its business all but destroyed during the coronavirus pandemic, has been targeted by retail traders alongside other so-called meme stocks like GameStop and Blackberry since January. REUTERS
The five directors — Philip Lader, Adam Jay Sussman, Howard Winchell Koch Jr., Kathleen M. Pawlus and Anthony J. Saich — now own 17,722 AMC shares each.
AMC shares were trading at about $42.80 on Friday morning — down more than a