AMC stock is skyrocketing after a judge rejected a plan to convert preferred stock to common stock.
AMC’s plan to convert its preferred equity stocks into common stocks, a move it had hoped would help it eliminate its debt, but would’ve diluted shareholders’ value.
That plan was supposed to end a lawsuit filed in February that accused the company of rigging a shareholder vote over this stock conversion. Zorn said she couldn’t accept this deal because it would’ve waived too many claims from preferred shareholders who weren’t represented in the lawsuit, after more than 2,800 investors wrote to Zurn in opposition to the deal, according toIn response, AMC submitted a revised plan to settle the matter to the court Saturday, the details of which are not yet public.
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