Helios and Matheson Analytics, the parent company of MoviePass, said he has raised $6 million in a new round of financing.
Helios and Matheson Analytics , the parent company of MoviePass, announced on Tuesday that it had raised $6 million in new financing.The move dilutes current shareholders and sent the stock down over 50% to less than a cent .
On Tuesday, MoviePass' parent company, Helios and Matheson Analytics , announced in a press release that it had raised $6 million in new financing. To raise the money, HMNY sold 60,000 new shares of preferred stock,"Helios' Series B Preferred Stock," which are"convertible to 1,000,020,000 shares of its common stock." It also issued accompanying warrants .
Selling massive amounts of new stock and diluting previous shareholders is something HMNY has become known for as it has covered hundreds of millions in losses from its movie-ticket subscription service by issuing new shares. HMNY recently amended its latest quarterly report, for the three months ending September 30, to show a net loss of $138.6 million. No further quarterly reports had been filed as of Tuesday afternoon.
This latest move sent HMNY stock down over 50% to under one cent per share . Since its peak in late 2017, HMNY has fallen over 99.99%.According to the release, the net proceeds of the financing will be used to"accelerate MoviePass' product development, fine tune its subscription technology, and increase MoviePass Films' investment in new films."
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