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Tag: Helios & Matheson stock price
Robinhood shuts customers out of buying shares of MoviePass’ parent company after the stock crashed more than 99.99%
"In order to protect our customers from the risks associated with some low-priced stocks, we remove the buy option for stocks like HMNY that consistently trade under $0.10," the brokerage said in an email to customers.
Shares of MoviePass owner Helios & Matheson are down nearly 50% Wednesday. The selling comes after the company announced a new restriction on its service.
MoviePass’ owner closed below $1 less than a week after it did a 1-for-250 reverse stock split to avoid being kicked off the Nasdaq
MoviePass' owner, Helios and Matheson Analytics, closed below $1 on Monday, less than a week after the company underwent a reverse stock split to save its share price.
MoviePass users experienced "technical" difficulties over the weekend, sending shares down 46%. The same problems occurred last Thursday, when MoviePass owner Helios & Matheson said it had to borrow $5 million to make certain payments.
The company revealed earlier this month that it was burning $21.7 million a month, and it said it was down to just $15.5 million in cash. Shares crashed more than 30% on that revelation. Shares have since plunged further and are now below $1, hitting an all-time low of $0.56.
MoviePass owner Helios & Matheson Analytics (HMNY) CEO Ted Farnsworth told Variety his company has enough cash for 17 months. Shares are up 4% ahead of Tuesday's opening bell.