Jim Chanos shorts $AMC and goes long $APE. He believes there is an arbitrage opportunity and that AMC and APE should be worth roughly the same.

-Same # of shares outstanding

-Same voting rights

AMC closed at $9.56, while APE closed at $7.02.

Difference: 36% (to the upside)

“Functionally, the two securities are the same. And I’d guess the apes will be putting pressure on Mr. Aron, if the discount continues, to make it freely convertible sooner rather than later,”

-Chanos

APE units began trading earlier this week and are preferred, which means that in an event of an AMC bankruptcy, APE shareholders will be eligible to receive payouts before AMC shareholders.