AMC Entertainment Holdings Inc. AMC said Thursday that it’s “continuing to evaluate next steps” after a judge denied the company’s attempt for a speedier stock conversion and reverse split. AMC announced a settlement earlier this week with shareholders who were suing over the company’s plans to convert APE preferred shares APE into regular AMC shares, and while the two sides asked a judge to lift the status-quo order holding up the conversion, the judge said Wednesday that the parties “offer no good cause to lift” the order. “Unless and until the Court lifts the Status Quo Order,” AMC “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,” the company said in a Thursday filing with the Securities and Exchange Commission. Further, it won’t make the litigation settlement payment until that order is lifted. AMC shares were up 13% in Thursday’s premarket activity, while the APE preferred shares were down 11%.
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