News
Erik Gruenwedel
July 10, 2018
As expected, Helios and Matheson Analytics, the fiscally-challenged owner of MoviePass, July 10 announced an intent to sell shares of common stock, in addition to warrants to purchase shares of common stock.
HMNY didn’t say when the stock sale would be completed, but said any net proceeds from the offering would be used for general corporate purposes and its subsidiaries (i.e. MoviePass and related businesses).
The market responded by dropping HMNY’s stock value more than 9% (below 19 cents-per-share) in after-market trading.
The company’s stock has fallen more than 97% in the past 12 months as investors grow wary of MoviePass’ cash-deficit business model offering subscribers daily access to theatrical screenings for $9.95 monthly fee.
Earlier this month, HMNY issued a regulatory filing about the intent to raise $1.2 billion over the next three years. The company has proposed a reverse stock split to be voted upon July 23 at the shareholder meeting.
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