AMC Entertainment Holdings Inc. AMC, -7.26% disclosed late Thursday that sold a total of $10.2 million worth of the movie theater operator’s stock earlier this week. The stock dropped 10.4% in afternoon trading, putting them on track for the lowest close since May 28. In Form 4 filings with the Securities and Exchange Commission, the company said Chief Executive Adam Aron sold 312,500 shares in the open market at volume weighted average price of $30.867 on Tuesday, to raise $9.65 million, as part of a Rule 10b5-1 trading plan adopted more than 30 days before the trades. Chief Financial Officer Sean Goodman sold 18,316 shares at $30.862 on Jan. 7 to raise $565,268, also part of a prearranged trading plan. The stock had rallied 7.8% on Tuesday to close at $31.04. Since then, the stock has dropped 14.9%. The “meme” stock has still rocketed 1,145.5% year to date, while the S&P 500 SPX, +0.80% has advanced 24.9%.
This article was originally published by Marketwatch.com. Read the original article here.