The judge in a case brought by meme stock shareholders against AMC Entertainment declined to approve a settlement unveiled earlier this week that would have allowed the exhibitor to move ahead with plans to convert its AMC Preferred Equity units (APEs) to common stock, among other measures.
AMC on April 3 entered into a binding settlement term sheet with plaintiffs in the case to settle the suit and to request that the status quo order in the litigation be lifted.
The settlement, as per usual, required the approval of the judge in the Delaware Chancery Court Case. “The Court denied the motion to lift the Status Quo Order.
Unless and until the Court lifts the Status Quo Order, the Company will not proceed with filing the amendment to the Company’s certificate of incorporation to effect the share increase and the reverse stock split previously approved by stockholders or the conversion of AMC Preferred Equity Units (APEs) into Class A common stock.
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