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Thousands of investors got creamed trying to snatch cheap shares of MoviePass’ parent company during its epic meltdown
73,000 investors held shares of Helios & Matheson in Robinhood when the app barred new purchases earlier this week. The stock is quickly approaching zero.
Shares of MoviePass owner Helios & Matheson are down nearly 50% Wednesday. The selling comes after the company announced a new restriction on its service.
Shares of the embattled company briefly doubled to $2 before sinking back below the $1 minimum it has struggled with for months.
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 said in May that it had enough cash to last over a year — but it it admitted Friday morning it had procured a $5 million loan after a service interruption.
MoviePass’ parent company threw a Hail Mary to raise its stock price — but it already seems to be backfiring
HMNY gave investors 1 share for every 250 they previously owned, but the stock crashed as soon as it began trading Wednesday.
‘It is a full blown war going on’: The CEO of MoviePass’ parent company wants to use its subscribers as an army against traditional ...
"It's a fastest-growing paid subscription ever in the history of the internet. period, said the CEO of MoviePass parent company HMNY. "So you're not going to go through that without headaches."
MoviePass shareholders approve 2 measures meant to keep the company from being kicked off its stock exchange
Shareholders of HMNY — which owns 92% of MoviePass —approved all measures presented at the special shareholder meeting on Monday, which could help the company avoid being delisted by the Nasdaq stock exchange.
Shares of MoviePass owner Helios & Matheson hit a record low on Monday. The company has issued a bunch of new shares in recent months, putting pressure on its stock.
MoviePass owner Helios & Matheson hit a record low of $0.19 a share Wednesday morning. The company proposed a reverse stock split a week ago in order to remain listed on the Nasdaq.