January 30, 2019
Helios and Matheson Analytics, parent of fiscally-challenged theatrical subscription ticket service MoviePass, Jan. 30 announced it plans to hold a special shareholder meeting March 15 in Los Angeles to vote on a second reverse stock split.
The proposed one-share-for-500 shares, which if passed would affect shareholders of record on Jan. 16, follows a previous reverse stock split (1-for-250 shares) eight months ago.
That split resulted in the HMNY stock briefly reaching $22.50 per share, before plummeting below Nasdaq’s $1 minimum threshold in less than a week. HMNY’s stock currently trades at about a penny.
The company in November canceled a vote for the second split after it couldn’t muster enough shareholder support. Apparently that sentiment has changed.
HMNY has until the summer to regain compliance or face the risk of delisting.