A group of J. Alexander’s Holdings insiders that includes the company's former and current CEOs have in the past 10 days spent more than $550,000 to build up their stakes in the restaurant operator.
The buying spree by four executives and three board members came shortly after the Nashville-based company said it had put on hold efforts to sell itself amid the uncertainty of the COVID-19 pandemic. They contributed to J. Alexander’s shares recovering about a quarter of the more than 22 percent they lost in the two days following word of the sale talks’ postponement.
The biggest buyer among the septet was director Doug Ammerman, who has been a board member since 2015. Ammerman spent more than $160,000 over two days to nearly triple his holdings in J. Alexander’s. Also spending more than $100,000 apiece — about $107,000 and $118,000, respectively — were longtime CEO and now Executive Chairman Lonnie Stout and his successor, Mark Parkey.
Also snapping up some discounted shares were:
• CIO Jason Park, who spent about $66,000
• Recently added director Carl Grassi, who spent nearly $50,000
• CFO Jessica Root, who spent a little more than $30,000
• COO Michael, who spent more than $23,000
Shares of J. Alexander’s (Ticker: JAX) ended Friday’s session at $5.42. They began 2020 around $10.