HMNY wants 1-2 / 1-500 RS vote 3/15
MoviePass parent Helios & Matheson seeks another reverse-stock split of up to 1-for-500 shares
Today 12:54 PM ET (MarketWatch)
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Helios & Matheson Analytics Inc. (HMNY), the parent of the film loyalty program MoviePass, has set March 15 as the date for a meeting on its latest plan for a reverse-stock split that would help avert a delisting. In a regulatory filing, the company invited shareholders to a meeting at 10.00 a.m. Pacific Time on that date to vote on a reverse split of its stock at a ratio of 1-for-2 shares up to 1-for-500 shares, . The stock has closed below the $1 threshold for an exchange listing since July. It has closed beneath a nickel every day since August and was last quoted at 1 cent. The data company has struggled to make MoviePass profitable and has been burning through cash. It first bought a majority stake in the program in 2017 and immediately cut the price to $9.95 a month allowing subscribers see a film of their choice every day. When that proved untenable, it changed the terms of its offering, limiting access to bigger films and restricting customers to certain showings. It has already implemented a 1-for-250 reverse stock split and has sold preferred stock and convertible notes to raise fresh funds. New York Attorney General Barbara Underwood has launched a securities fraud investigation into the company.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
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