Helios and Matheson Analytics Inc (HMNY)

[chereb19]

Not all the 629MM was ATM. 250mm was unrestricted principal on notes being converted to equity. It's in their 10Q if you can be bothered to read it.
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So now we know. They milked the []= out of shareholders the 629+ million shares (about 1 billion by now) so they could build up cash to about $50 million, and then pay off all annual pass members. Obviously, most people won't be happy, so they will cancel.