AMC Stock Skyrockets as APE Deal Blocked by Judge

AMC Entertainment Holdings Inc. saw its class A shares surge up to 100% in after-hours trading after a Delaware judge denied the company's plan to convert its controversial APE preferred units into common stock. The judge rejected a nine-figure settlement that would have allowed the conversion to proceed, citing concerns about dilution of ordinary shareholders. The ruling sends the case back to the drawing board, as AMC seeks to recapitalize and navigate rising interest rates. The APE units sank as much as 63% in response to the ruling.