MoviePass Owner Surges on News of $65 Million in New Funding

(Bloomberg) -- Now a penny stock, Helios and Matheson, owner of MoviePass, gained as much as 276 percent intraday, the most in two years, after Chief Executive Officer Ted Farnsworth said the company raised $65 million in new funding last month. The Wrap first reported the news. The company confirmed the funding but declined to provide further details.

"We’re doing M&A, we’re looking at all kinds of acquisitions at any given time and we’ll grow the company that way and I think you’ll see over the next few weeks," Farnsworth said, according to the Wrap.

The last Wall Street analyst to cover the company quit covering HMNY in September, following the stock’s 100 percent loss this year. Helios and Matheson is now trading at less then 4 cents.

To contact the reporter on this story: Shelly Hagan in New York at shagan9@bloomberg.net

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Christiana Sciaudone

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