The owner of MoviePass is crashing after experiencing ‘technical’ difficulties over the weekend

Markets 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.