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MoviePass owner Helios & Matheson crashing after technical difficulties



MoviePass Helios & MathesonMarkets Insider

MoviePass owner Helios & Matheson is crashing Monday, down 46%,  after users experienced “technical” difficulties over the weekend. Monday’s plunge has shares trading at just $1.10 apiece — after a reverse split last week sent them to $22.50. 

The “technical” diffiulties came just days after smiliar problems plagued users on Thursday — when the company had to borrow $5 million to make certain payments. 

Last Wednesday, the embattled company’s shareholders approved a 1-for-250 reverse stock split in an effort to boost the share price over the Nasdaq’s minimum $1 requirement. The reverse split did not however do anything to get Helios & Matheson’s market cap over $50 million — another Nasdaq requirement. 

HMNY shares are down more than 99% this year. 

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