AMC Entertainment Holdings APE Deal Rejected In Surprise Court Win For Meme Stock Base
AMC Entertainment Holdings APE Deal Rejected In Surprise Court Win For Meme Stock Base
Shares of $AMC Entertainment (AMC.US)$ nearly doubled during Friday's after-market session to trade above $8 on news that sent shares of its counterpart, $AMC Preferred Equity Unit (APE.US)$ nearly 30% lower, here's what you need to know.
的股份 $AMC院线 (AMC.US)$ 在周五的盘后交易时段，交易价格几乎翻了一番，交易价格超过8美元，原因是有消息传出同行股票， $AMC Preferred Equity Unit (APE.US)$降低了将近 30%，以下是你需要知道的。
What Happened: A Delaware court blocked the company's move to convert its APE preferred units into common stock. The conversion would have diluted the stake of retail investors, the same group that saved the company from bankruptcy at the peak of the pandemic, according to a Bloomberg Law report.
发生了什么： 特拉华州一家法院阻止了该公司将其APE优先股转换为普通股的举动。彭博法律的一份报告称，此次转换将稀释散户投资者的股份，而散户投资者在疫情高峰期使公司免于破产。
Vice Chancellor Morgan T. Zurn dismissed a settlement proposal in the nine-figure range that would have allowed the conversion to go ahead, while providing additional stock to offset the dilution impact on regular shareholders.
副校长 Morgan T. Zurn 驳回了九位数区间的和解提案，该提案本来可以继续进行转换，同时提供额外股票以抵消对普通股东的摊薄影响。
The ruling, contrary to the expectations of both investors — who voted yes on converting the shares back in March — and analysts, sends the case back to square one.
该裁决与投资者（早在三月份就对股票转换投了赞成票）和分析师的预期相反，使案情回到了原点。
Key Background: Ape units were issued last year, with a 30% block given to Antara Capital LP, and since then, AMC has been attempting to convert them.
主要背景： Ape 单位于去年发行，向Antara Capital LP发放了30％的区块，从那以后，AMC一直在尝试对其进行转换。
Each unit is theoretically equivalent to 1/100th of a preferred share, which is supposed to be equal to 100 Class A shares, as per the Bloomberg report. However, they have typically traded at a substantial discount due to uncertainties surrounding the conversion.
根据彭博社的报道，从理论上讲，每个单位相当于优先股的1/100，应该等于100股A类股票。但是，由于转换的不确定性，它们通常以大幅折扣进行交易。
In the original vote on the Ape conversion plan conducted in March, about 70% of the participating common stockholders supported the proposal. The proposal also received overwhelming support from Ape unit holders, with a 9-to-1 majority in favor.
在3月份对Ape转换计划进行的最初投票中，约有70％的参与普通股股东支持该提案。该提案还获得了Ape单位持有者的压倒性支持，9比1的多数赞成。
Nonetheless, a significant number of retail investors either resisted the move due to potential share dilution or chose not to vote on the company proposals, Bloomberg reported.
尽管如此，彭博社报道，大量散户投资者要么因为可能的股票稀释而抵制这一举动，要么选择不对公司的提案进行投票。
The ruling creates a hurdle for AMC, which is eager to convert the Ape units and issue additional shares as it grapples with interest rates complicating its loan financing.
该裁决给AMC带来了障碍，AMC渴望转换Ape单位并发行更多股票，因为它正在努力应对使贷款融资复杂化的利率。
It's a rare win for small players in a market dominated by large institutional investors. Though, with the case still open and AMC intent on recapitalizing, it's clear that the final act of this drama is yet to be played out.
在由大型机构投资者主导的市场中，对于小型参与者来说，这是一次难得的胜利。但是，由于该案仍在审理中，AMC打算进行资本重组，很明显，这部电视剧的最后一幕尚未上演。
AMC Price action: Shares of AMC are trading 66% higher to $7.32 in after-hours trading.
APE Price action: Shares of APE units are trading 20% lower to $1.43.
AMC 价格走势： 盘后交易中，AMC的股价上涨了66％，至7.32美元。
APE 价格走势： APE单位的股价下跌了20％，至1.43美元。