{"id":38985,"date":"2023-07-22T04:09:48","date_gmt":"2023-07-22T08:09:48","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/amc-stock-surges-60-after-delaware-judge-puts-brakes-on-ape-to-stock-conversion-plan\/"},"modified":"2023-07-22T04:09:50","modified_gmt":"2023-07-22T08:09:50","slug":"amc-stock-surges-60-after-delaware-judge-puts-brakes-on-ape-to-stock-conversion-plan","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38985","title":{"rendered":"AMC stock surges 60% after Delaware judge puts brakes on APE-to-stock conversion plan"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002309496\" role=\"document\">\n<p>Shares of AMC Entertainment Holdings Inc.  rocketed more than 60% higher on Friday after a judge in Delaware shot down a settlement that would have allowed the movie-theater chain to move ahead with a plan, maligned by some investors, to dump more shares onto the market, according to reports. <\/p>\n<p>AMC<br \/>\n        AMC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200235402\/composite\" class=\"positive\">+1.62%<\/bg-quote><br \/>\n       has wanted to turn its  its so-called APE \u2014 or AMC Preferred Equity \u2014 preferred units into common stock. But Delaware Chancery Court Vice Chancellor Morgan Zurn rejected an earlier settlement that would have allowed that conversion to move forward. <\/p>\n<div class=\"paywall\">\n<p>The theater chain has been looking to find ways to boost its share count and sell more shares \u2014 a tack that helped it through the COVID-19 pandemic \u2014 as it tries to shore up its finances and rein in its debt, the Wall Street Journal noted. <\/p>\n<p>But not every investor was on board with the plan, amid worries about share dilution. <\/p>\n<p>\u201cAt this juncture, the Court\u2019s only task is to approve or reject the proposed<br \/>settlement,\u201d wrote in the ruling, obtained by Bloomberg Law. \u201cThe focus of the settlement is on the claims presented in this case. The Court cannot address issues that do not pertain to the fairness of the settlement.\u201d<\/p>\n<p>\u201cSuch issues raised by AMC stockholders include theories about synthetic shares, Wall Street corruption, dark pool trading, insider trading and RICO violations, and a request for a share count,\u201d the ruling continued. \u201cThe Court\u2019s role is limited to considering settlement-specific issues, like the strength of the plaintiffs\u2019 claims, the consideration the class would receive, and the scope of the release the class would give in exchange for that consideration.\u201d<\/p>\n<p>\u201cTo cut to the chase, the settlement cannot be approved as submitted,\u201d the ruling added later.<\/p>\n<p>AMC did not immediately respond to a request for comment. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/amc-stock-surges-more-than-70-after-delaware-judge-puts-brakes-ape-to-stock-conversion-plan-14e271f3?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of AMC Entertainment Holdings Inc. rocketed more than 60% higher on Friday after a judge in Delaware shot down a settlement that would have allowed the movie-theater chain to move ahead with a plan, maligned by some investors, to dump more shares onto the market, according to reports. AMC AMC, +1.62% has wanted to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-38985","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AMC stock surges 60% after Delaware judge puts brakes on APE-to-stock conversion plan | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of AMC Entertainment Holdings Inc. rocketed more than 60% higher on Friday after a judge in Delaware shot down a settlement that would have allowed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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