AMC CEO Adam Aron demanded Friday that Robinhood halt trading of tokens referencing AMC shares, warning that AMC had retained outside counsel to examine legal options to compel compliance. Robinhood chief legal officer Dan Gallagher, a former SEC commissioner, refused within hours, replying for Aron to send his lawyers. AMC stock tokens are issued from Jersey by an entity that Robinhood’s own disclosures describe as unregistered and unsupervised, sold only to non-US persons. AMC shares gained 8.9% on Friday to $2.765, with 30.6 million shares traded, while the token briefly spiked to $18.04 after the NYSE closed before reverting near the stock price by late morning.
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