{"id":39678,"date":"2023-07-24T05:34:59","date_gmt":"2023-07-24T09:34:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/amc-stock-jumps-after-revising-conversion-settlement-plan\/"},"modified":"2023-07-24T05:35:00","modified_gmt":"2023-07-24T09:35:00","slug":"amc-stock-jumps-after-revising-conversion-settlement-plan","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39678","title":{"rendered":"AMC Stock Jumps After Revising Conversion Settlement Plan"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000700443\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        AMC Entertainment Holdings<br \/>\n       has filed a revised stock conversion proposal after a judge blocked the company\u2019s plan to convert its so-called APE shares into common stock, CEO Adam Aron said Sunday.<\/p>\n<p>The ruling had a big impact on the stocks in a busy weekend for the movie theatre group that screened the debut of the Barbie and Oppenheimer films.<br \/>\n        AMC<br \/>\n       stock (ticker: AMC) was up 72% in the Monday premarket having surged 63% in after-hours trading Friday to $7.17, while APE (APE) shares, or AMC Preferred Equity, fell 15% to $1.53.<\/p>\n<div class=\"paywall\">\n<p>But with AMC quickly filing a modification of the settlement plan, after it was rejected by Delaware Vice Chancellor Morgan Zurn Friday, the volatility surrounding the stocks could well be here to stay. <\/p>\n<p>The conversion would have allowed AMC to raise more capital by selling stock. CEO Adam Aron told investors that raising fresh equity in the near term \u201cis critical\u201d to the company and that AMC was working to address the court\u2019s concerns.<\/p>\n<p>\u201cAMC must be in a position to raise equity capital. I repeat, to protect AMC\u2019s shareholder value over the long term we MUST be able to raise equity capital. That is especially the case now with the added uncertainty caused by the writers and actors strikes, which could delay the release of movies currently scheduled for 2024 and 2025,\u201d Aron wrote.<\/p>\n<p>AMC reached a settlement with a group of shareholders, who argued the stock conversion diluted existing common stockholders without any compensation in return. The terms of the settlement meant common stockholders would receive shares valued at more than $100 million, lawyers for the plaintiffs said.<\/p>\n<p>But Judge Zurn said she couldn\u2019t approve the settlement because the deal came at the expense of APE unit holders.\u00a0<\/p>\n<p>\u201cAwarding more shares to common stockholders necessarily comes at the expense of preferred units; the settlement consideration harms preferred unitholders,\u201d she wrote, according to The Wall Street Journal.<\/p>\n<p>Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/amc-ape-stock-conversion-price-dd11b8a0?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AMC Entertainment Holdings has filed a revised stock conversion proposal after a judge blocked the company\u2019s plan to convert its so-called APE shares into common stock, CEO Adam Aron said Sunday. The ruling had a big impact on the stocks in a busy weekend for the movie theatre group that screened the debut of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":39679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-39678","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AMC Stock Jumps After Revising Conversion Settlement Plan | iFintechWorld<\/title>\n<meta name=\"description\" content=\"AMC Entertainment Holdings has filed a revised stock conversion proposal after a judge blocked the company\u2019s plan to convert its so-called APE shares into\" \/>\n<meta name=\"robots\" content=\"index, follow, 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