: AMC stock surges more than 70% after Delaware judge puts brakes APE-to-stock conversion plan

Shares of AMC Entertainment Holdings Inc. AMC rocketed more than 70% higher on Friday after a court in Delaware prevented the movie theater chain from moving forward with a plan, often maligned by some of its retail investors, that would dump more shares onto the market, according to reports. The unexpected move by the court blocked AMC from turning its so-called APE — or AMC Preferred Equity — preferred units into common stock, according to Bloomberg Law. Vice Chancellor Morgan T. Zurn rejected an earlier settlement that would have allowed that conversion to move forward, Bloomberg said. The theater chain has been looking to find ways to boost its share count and sell more shares — a tack that helped it through the pandemic. AMC did not immediately respond to a request for comment.

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