Moviepass Owner Helios & Matheson Delists Amid Spinoff Plan
(Bloomberg) -- Helios & Matheson Analytics, the owner of Moviepass that offered theatergoers unlimited access for as little as $10 per month, was delisted from the Nasdaq on Tuesday and trading will be suspended at the open on Wednesday.
The delisting comes less than one month after Helios & Matheson filed for a spinoff of the subscription business that’s struggled to find a sustainable business model. Competition from AMC Entertainment Holdings Inc. and an investigation by the New York attorney general added further pressure to shares over the past year.
Shares traded over $8,000 since Helios purchased a majority stake in the service in August 2017 and prior to a 1-for-250 reverse stock split last summer. The company warned in December that it may have to delist due to its shares trading below $1 each.
A spokeswoman for Helios & Matheson said the delisting has "no effect on the day-to-day business operations of HMNY or its subsidiaries, including MoviePass and MoviePass Films." It expects its stock to begin trading on the over-the-counter market on Wednesday. In the meantime, the company is proceeding with its planning efforts of a partial spinoff of MoviePass Entertainment Holdings Inc., she added.
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