As things become clearer I expect these two stocks to trade around the same price.
MDMN has about 5x the number of shares and will have about 5x the percentage of AMC (when counting the option and its ownership in CDCH.) Right now CDCH has a better structure with far fewer shares.
Any significant variation outside of that ratio (in the future) may represent an arbitrage. The problem is one doesn’t know if “a” is over-valued or “b” is under-valued.
My only suggestion for those trying to play both stocks in concert is to be really careful. I tried that some time ago and ended up losing positions in both. Then again, most everyone here is probably a better trader than I am. I know how to push the buy button. Pushing the sell button is where I suck!