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 $AMC院線 (AMC.US)$ 在週五的盤後交易時段，交易價格幾乎翻了一番，交易價格超過8美元，原因是有消息傳出同行股票， $AMC Preferred Equity Unit (APE.US)$降低了將近 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.
發生了什麼： 特拉華州一家法院阻止了該公司將其APE優先股轉換爲普通股的舉動。彭博法律的一份報告稱，此次轉換將稀釋散戶投資者的股份，而散戶投資者在疫情高峰期使公司免於破產。
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.
副校長 Morgan T. Zurn 駁回了九位數區間的和解提案，該提案本來可以繼續進行轉換，同時提供額外股票以抵消對普通股東的攤薄影響。
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.
該裁決與投資者（早在三月份就對股票轉換投了贊成票）和分析師的預期相反，使案情回到了原點。
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 單位於去年發行，向Antara Capital LP發放了30％的區塊，從那以後，AMC一直在嘗試對其進行轉換。
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.
根據彭博社的報道，從理論上講，每個單位相當於優先股的1/100，應該等於100股A類股票。但是，由於轉換的不確定性，它們通常以大幅折扣進行交易。
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月份對Ape轉換計劃進行的最初投票中，約有70％的參與普通股股東支持該提案。該提案還獲得了Ape單位持有者的壓倒性支持，9比1的多數贊成。
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.
儘管如此，彭博社報道，大量散戶投資者要麼因爲可能的股票稀釋而抵制這一舉動，要麼選擇不對公司的提案進行投票。
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.
該裁決給AMC帶來了障礙，AMC渴望轉換Ape單位併發行更多股票，因爲它正在努力應對使貸款融資複雜化的利率。
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.
在由大型機構投資者主導的市場中，對於小型參與者來說，這是一次難得的勝利。但是，由於該案仍在審理中，AMC打算進行資本重組，很明顯，這部電視劇的最後一幕尚未上演。
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 價格走勢： 盤後交易中，AMC的股價上漲了66％，至7.32美元。
APE 價格走勢： APE單位的股價下跌了20％，至1.43美元。