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Investing.com -- AMC Entertainment Holdings Inc. (NYSE:AMC) shares rose 7% after-hours Tuesday after Chief Executive Officer Adam Aron purchased 250,000 shares of the company’s Class A common stock.
Aron acquired the shares on May 19 at a weighted average price of $1.3774 per share, according to a Form 4 filing with the Securities and Exchange Commission. The purchase was made through an open market or private transaction.
Following the transaction, Aron directly owns 2,437,020 shares of AMC common stock. The filing disclosed that Aron’s total potential ownership could reach 12,312,429 shares when including contingent equity grants, which comprise 3,992,269 shares subject to service conditions and 5,883,140 shares dependent on both performance goals and service conditions.
The purchase represents a vote of confidence from the company’s top executive, who also serves as chairman and president of the theater chain operator.
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