Wanda America Entertainment has sold virtually all its remaining shares of AMC Entertainment’s stock, bringing its total to just 10,000 shares, or just a .002% stake in the theater chain.
An SEC filing from Friday showed that Wanda sold its shares between May 13 and May 18 at around $14 a share, and AMC ended the week on Friday at a price of $12.09.
In March, Chinese conglomerate Wanda said in an SEC filing that it had given up its majority stake in the theater chain AMC Entertainment, operating as AMC Theatres, bringing its ownership down to 9.8%. It had cut 23% of the company’s outstanding common stock and 47.3% of the combined voting power back on Dec. 31.
Wanda had previously acquired the majority stake in AMC Theatres in 2012 for $2.6 billion, the then-largest international acquisition by a privately owned Chinese company. In 2018, Wanda had cut some of its stake in AMC after a deal with private equity firm Silver Lake, but maintained control of AMC through a dual share structure. More recently, Wanda converted its class B common stock to class A common stock on Feb. 1, selling 2.06 million class A shares on that day at an average price of $14.59 per share.
Thanks in part due to trading from Reddit’s WallStreetBets forum, AMC Theatres stock had rocketed 180% in late January because of Redditors seizing on the opportunity to invest in the stock.
AMC Theatres lost $4.6 billion in 2020 due to pandemic closures.
Read original story Wanda Sells Most of Remaining AMC Entertainment Stock Shares At TheWrap