Data reveals that during the 'meme stock' craze that took place during the COVID pandemic, insiders at AMC profited from the moves made by retail investors.
The market losses have been particularly acute for retail holders and others who bailed on the stock only recently. In fact, given the recent declines, only those investors who snapped up shares before or around the beginning of the meme frenzy when the stock hovered at around $5 and below would still be in the green. Shares of AMC closed Wednesday at a combined $7.49. Insiders selling their stock is not illegal, of course. In fact, it is quite common in corporate America, where.
11 bankruptcy reorganization. Aron has said that AMC will avoid a similar fate based on past recapitalization plans and a more recent one where he created a new preferred stock, known as the "Ape," a homage to his loyal retail investor base. , who comprise 90% of all AMC’s investors. The creation of the Ape is the equivalent of a stock split, and it sets the stage for the significant sale of stock and dilution of shares in the weeks to come.
The stock rallied on the news. The same day the sale was announced, the stock hit an intraday high of $33.53, Mudrick sold its entire stake for an undisclosed profit. Based on that stock price, Mudrick could have netted more than $40 million in the trade. A Mudrick press official had no immediate comment.
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