The owner of MoviePass just hit a new low
- MoviePass owner Helios & Matheson hit an all-time low of $0.37 a share on Tuesday.
- The company is fighting for its survival as it continues to burn through cash.
- Shares got a temporary boost last week after Citadel Securities announced a 5.4% stake
- Watch Helios & Matheson trade in real time here.
MoviePass owner Helios & Matheson just hit another record low as it continues to burn through cash.
Shares are down more than 10% and trading at an all-time low of $0.37 a share.In mid-April, an internal auditor said there was "substantial doubt" the company would be able to stay in business. A few weeks later, the company said it burns about $21.7 million a month, and that its shrinking cash pile is down to $15.5 million.
MoviePass CEO Mitch Lowe has suggested the company will climb its way out of the hole by using its $300 million "equity line of credit," but financial experts told Business Insider that cash won't necessarily be there when needed.
The stock got a temporary boost of more than 6% last week when Citadel Securities announced it had amassed a 5.4% stake in the company. It hit $0.44 a share that day, but has since slid 15% from that level.
Helios & Matheson is down 94.52% this year.