MoviePass parent Helios and Matheson Analytics’ stock has declined to its lowest closing price amid ongoing concerns on Wall Street about a cash shortage.
It slid 5 cents, or 12%, to close at 41 cents on Friday. The issue has now lost more than 80% of its value during the past three weeks and declined steadily since a May 8 filing with the Securities and Exchange Commission that revealed it had $15.5 million in available cash at the end of April, plus $27.9 million on deposit with merchants while monthly expenses totaled $21.7 million.
The filing also said if adequate funding did not materialize, the company could be required to reduce the scope of its growth or otherwise alter its operations. An independent auditor also raised questions in April about MoviePass’ ability to continue operations.
The stock hit a 52-week high of $38.86 a share in October, two months after it lowered its monthly subscription fee from $50 to $9.95. The...
It slid 5 cents, or 12%, to close at 41 cents on Friday. The issue has now lost more than 80% of its value during the past three weeks and declined steadily since a May 8 filing with the Securities and Exchange Commission that revealed it had $15.5 million in available cash at the end of April, plus $27.9 million on deposit with merchants while monthly expenses totaled $21.7 million.
The filing also said if adequate funding did not materialize, the company could be required to reduce the scope of its growth or otherwise alter its operations. An independent auditor also raised questions in April about MoviePass’ ability to continue operations.
The stock hit a 52-week high of $38.86 a share in October, two months after it lowered its monthly subscription fee from $50 to $9.95. The...
- 5/25/2018
- by Dave McNary
- Variety - Film News
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