AMC EntertainmentChief Executive Officer Adam Aron has sold 625,000 shares Tuesday. This is half the amount he plans to sell under an SEC-filed selling program.

Aron explained to investors that the sale was part of Aron’s estate plan ahead of his next-year’s 67th birthday. These plans were reiterated by Aron. during an earnings call with investors and analysts Monday.

Shares fell by 4% Wednesday, and then dropped another 1% after-hours trading.

After Wednesday’s bell, the share sale was made public on the SEC website. This stake was bought at an average cost of $40.53. It has a total value of around $25 million.

Aron’s plans for share ownership were made public earlier in the day in an additional filing. This file appeared in a section on the SEC website that displays electronic forms sent via email.

According to InsiderScore.com, the form allowed Aron to immediately sell all 1,250,000 shares or within the next days, weeks, and months.

Investors learned that he had already sold half of the stake on the previous day with the filing.

AMC representatives reiterated Aron’s comments during Monday’s earnings conference when they were asked to comment.

He stated that he had also mentioned to investors during the last call that he would be turning 67 in September 2021. “I am a young, vibrant, active, full of life, 67, I might add but 67 nevertheless.” Prudent estate planning recommends that I diversify my assets, particularly with Congress currently discussing potentially high capital gains tax rates as well as significant changes to the inheritance rules.

Aron told investors once again that in his nearly six-year tenure with AMC, he hadn’t sold any shares except the 500,000 shares he gifted his adult children.

“If the math is right, then you can see that this amount of current and future AMC Entertainment ownership gives me an immense personal stake in AMC Entertainment’s future,” he stated. “I believe wholeheartedly in AMC. My interests are aligned to the broad shareholders who care about AMC Entertainment’s future.

AMC’s shares rose more than 1,700% thanks to the meme stock craze.

This movie theatre chain almost filed for bankruptcy late 2020 after it was hard hit by the pandemic. A surge in shares enabled the company to achieve nearly $2B in liquidity, and to stabilize itself once the box-office began to rebound.

The company’s third quarter admission revenues increased to $425.1million from $62.9million in the previous year. The company’s sales of food and beverages grew to $265.2 Million from $29.1million a year ago.

However, AMC’s operating expenses outpaced revenue and led to the company posting a quarter-end loss. It stated that if the domestic box office reaches at least $2 billion during the months of October, November and December,The fourth quarter would see positive cash flows.

—With reporting by Yun Li.