If the NO vote wins What you are missing it will put pressure on shorts to close their AMC short position since they can not close them with APE shares. AMC CTB is approaching 1000% per year creating immense pressure on shorts to close their AMC shorts. The MOASS can only come from AMC shares. AA will dilute the stock no matter whether he uses APE shares or AMC shares. So your argument is weak at best you assume he will not if APE is converted to AMC. In simple terms you are tragically wrong I have spent many hours calculating the pros and cons to the merge and RS and in the end the NO vote is best for the shareholders. AA does not give a sht about the shareholders. Evaluate and look at all the possibiliities.