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August 15, 2018 05:43 pm PDT

Share price for MoviePass drops $132, now trades at 5

Helios and Matheson, the company that owns MoviePass, the ailing movie theatre subscription service, posted a $126.6 million loss in the second quarter and its cash reserves have dwindled to $15 million. Share prices, which traded $39 per share, dropped to 8 cents a share in late July. Threatened with being delisted on NASDAQ, Helios and Matheson issued a 1-for-250 reverse split, which meant that shareholders received one share worth about $20 in exchange for 250 shares worth 8 cents a share.

But that didn't stop the decline. That $20 share is now worth less than a nickel. Time for another 1-for-250 reverse split, which would be 62,500-for-1 split on the original shares?

From CNN:

Earlier this month, MoviePass quoted Mark Twain in a release that declared, "talk of our demise is greatly exaggerated." It said it was only "going through a rough patch not unlike what other disruptive enterprises experienced in their early day."

On Wednesday, Helios and Matheson touted its year of MoviePass ownership in a news release that did not mention its financial losses. Instead, the company focused on its subscriber growth and contributions to the domestic box office.


Original Link: http://feeds.boingboing.net/~r/boingboing/iBag/~3/d2JitIpQf7U/share-price-for-moviepass-drop.html

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