The only risk here is if conversion takes longer than 4/28 to occur. The court can delay it or even if they allow it, it may take the company a few days to have it go through.

As the share price of AMC is affected by the liquidity constraint on the sell side, until conversion (when that constraint will go away), there is no good reason to assume the share price will decline that much.

FYI... I think the share price will fall to well under $1 ($10 post-split).