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AMC board members sold nearly $4 million worth of stock this week

Five directors sold less than half their AMC shares, and now they each still own 17,722 shares

AFP via Getty Images

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AMC Entertainment Holdings Inc. disclosed in a series of filings that five members of its board of directors sold a total of nearly $4 million worth of shares in the past two days.

Two of the directors sold a total of 27,923 share on Wednesday, to raise more than $700,000 each, and three directors sold a total of 46,137 shares on June 8 to raise more than $800,000 each.

After the sales, the five directors now each own 17,722 AMC shares. AMC has about 501.8 million shares outstanding, according to FactSet data.

AMC’s stock AMC, -2.42% fell 4.1% in premarket trading Thursday. The meme stock has rocketed 400.9% over the past three months through Wednesday, and soared 2,227.4% year to date, while the S&P 500 index SPX, -1.31% has gained 12.3% this year.

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Here’s the breakdown of the sales, as disclosed late Wednesday in Form 4 filings with the Securities and Exchange Commission:

  • Philip Lader, who has been on AMC’s board since June 2019, sold 14,246 shares in the open market on June 9, at a weighted average price of $49.5357, valued at $705,686. The sales were executed in multiple transactions at prices ranging form $49.50 to $49.61. Lader is a senior adviser to Morgan Stanley Institutional Securities, and is a former U.S. Ambassador to the Court of St. James’s. He now owns 17,722 AMC shares.
  • Adam Sussman, an AMC director since May 2019, sold 13,677 shares in the open market on June 9, at $52.19, valued at $713,803. Sussman is Nike Inc.’s NKE, -0.40% chief digital officer. Sussman now owns 17,722 shares.

The stock dropped on June 9 to close at $49.34, after trading in an intraday range of $48.12 to $53.39.

  • On June 8, Howard Koch sold 15,379 shares in the open market at a weighted average price of $55.3427, valued at $851,115. The sales were made in multiple trades at prices ranging from $55.33 to $55.42. After the sales, Koch owns 17,722 shares. Koch, who has been a board member since October 2014, is a movie producer and principal at The Koch Co., and is former president of the Academy of Motion Picture Arts and Sciences.
  • Kathleen Pawlus sold 15,379 shares in the open market on June 8 at a weighted average price of $55.5376 to raise $854,113. The sales were executed at prices ranging from $55.46 to $55.59. Pawlus, a director since December 2014, owns 17,722 shares after the sales. Pawlus is a retired partner of Ernst & Young LLP.
  • Also on June 8, Anthony Saich, a director since August 2012, sold 15,379 shares in the open market at a weighted average price of $54.589, valued at $839,524. The sales were executed at prices ranging from $54.50 to $54.74. Saich owns 17,722 shares after the sales. Saich is currently the director of the Ash Center for Democratic Governance and Innovation and Daewoo Professor of International Affairs at Harvard University.

The stock fell 0.9% on June 8 to close at $55.05, after trading in an intraday range of $52.77 to $60.62.

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