MoviePass’ parent company raised $6 million by selling new shares, and sent its stock crashing another 50% to under one penny
|03/26/2019||Posted by BusinessMediaguide.Com under General World News||
- Helios and Matheson Analytics (HMNY), the parent company of MoviePass, announced on Tuesday that it had raised $6 million in new financing.
- To raise the money, HMNY sold a bunch of preferred stock.
- The move dilutes current shareholders and sent the stock down over 50% to less than a cent (around $0.006).
On Tuesday, MoviePass’ parent company, Helios and Matheson Analytics (HMNY), 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.” read more >>>