×
You will be redirected back to your article in seconds

MoviePass Parent’s Stock Slides to Another Record Low

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 company is losing money because it pays movie theaters full price for the tickets its customers buy.

In an interview last week at the Cannes Film Festival, Helios and Matheson chief Ted Farnsworth told Variety that the subscription service was viable and had roughly $300 million available from an equity line of credit. The Helios chief was at the festival to premiere John Travolta’s “Gotti,” which MoviePass is releasing with Vertical Entertainment.

More Film

  • Halloween

    Movies Featured More Female Protagonists in 2018, But It's Not All Good News (Study)

    “Halloween,” “A Star is Born,” and “Crazy Rich Asians” made headlines for featuring strong roles for women, but even though the number of female film protagonists hit a high in 2018, the movie industry still offered its juiciest parts to men. At a time when Hollywood is under pressure to become more inclusive and is [...]

  • New Fox Appoints Wayne Borg to

    New Fox Appoints Wayne Borg to Los Angeles Studio Role

    Wayne Borg, who has headed the Fox Studios Australia operations in Sydney for the past four years, has been appointed president and general manager of studios at New Fox. He will relocate from Australia to Los Angeles. Fox Studios Australia, which is to remain part of 21st Century Fox and will become part of Disney [...]

  • Lisa Borders Time's Up

    Time's Up President Lisa Borders Resigns

    Lisa Borders has resigned as president of Time’s Up, she and the organization announced on Monday. Borders is resigning due to family issues, she said in a statement. Time’s Up COO Rebecca Goldman will now serve as interim CEO. “As Time’s Up continues to grow, I am proud of the work I have done to [...]

  • Keira Knightly as "Rachael Morgan" in

    Film Review: Keira Knightley in 'The Aftermath'

    Less widely seen (and acclaimed) than it deserved to be, James Kent’s debut feature “Testament of Youth” was one of the great recent love-in-wartime dramas, translating the intimate romance and sprawling human tragedy of Vera Brittain’s WWI memoir with a grace and heft worthy of its David Lean allusions. Four years on, it’s not hard [...]

  • Inside Amazon's New Feature Film Strategy

    Amazon's New Film Strategy: Straight-to-Service Titles and Starry Sundance Buys

    It was close to midnight when Amazon Studios chief Jennifer Salke got the text. The company had failed in its quest to acquire “Brittany Runs a Marathon,” a body image dramedy that captivated Salke when she saw it at Sundance. A sales agent on the project messaged her to say that a competitor offered a [...]

  • Alfonso Cuaron71st Annual Writers Guild Awards,

    Alfonso Cuarón on Academy's 'Inevitable' Reversal on Televised Oscar Categories

    Alfonso Cuarón isn’t exactly surprised that the Academy reversed its decision and will now air all the Oscar categories during the live show on Sunday. Feb. 24. Calling the decision “inevitable,”Cuarón tells Variety that he thinks the Academy should take things even further. “Let’s stop calling them technical categories!” he told Variety on Sunday night [...]

More From Our Brands

Access exclusive content