Technology
MoviePass owner Helios & Matheson is crashing again
-
Shares of MoviePass owner Helios
& Matheson are down nearly 50% Wednesday. -
The selling comes after the company announced a new
restriction on its service. -
Helios & Matheson shares have plunged more than 99%
this year.
Shares of MoviePass owner Helios & Matheson are crashing
Wednesday — down almost 50% at $0.25 apiece — less than 24
hours after
announcing a new restriction on its service.
Late Tuesday, the movie-subscription service said it would no
longer guarantee that every movie showtime will be available on
its app. That announcement came less than a day after MoviePass
said it would
raise prices from $10 a month up to $14.99 and that it
wouldn’t support big-ticket films like “The Meg” or
Disney’s “Christopher Robin” until weeks after their releases.
The company says these changes could help reduce its cash burn by
60%.
Shares of Helios & Matheson have been in a downward spiral
this year, plunging by more than 99%. Last week, the company
announced a 1-for-250 reverse stock split in an attempt to
lift its share price above the Nasdaq’s $1 minimum.
The reverse split temporary propped up the value of Helios &
Matheson shares to $22.50, but that same day they began plunging
again. A few days later, the MoviePass app began to experience a
“service interruption” because its owner was unable to make
certain required payments.
HMNY had to borrow $5 million to get the app up and running
again.
Helios & Matheson is expected to report its second-quarter
results on August 14.
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