TLDR;
AC shares much of the AO character, notably the ADS damping system which creates that lush decay and organic timbre.
The AC isn’t just a closed version though, it is a distinctly unique headphone. Where the AO is notable for its mid bass, the AC has a very deeply extended and elevated sub-bass and lower bass. They both offer a great soundstage presentation. The AO is a little bigger, but both feel open and very well made. The AC is slightly more elevated in the upper mids/presence region and slightly more recessed in the lower mids (to my ears!), which means that I find female vocals have an intimated presentation. The AC subjectively feel a touch faster (I don’t think they are objectively), especially with harder wood variants that have a slightly crisper bass articulation.. Softer wood will give you bit extra decay. Both are great.
I’ve had the Liric for a couple of weeks last year. They are well made, fun, and portable. But sonically, I found them not in the same league as the AC, which I absolutely adore.
My original first impressions hold true after many months of almost daily listening:
https://www.head-fi.org/showcase/zmfheadphones-atrium-closed.26353/reviews#review-30248