The owner of MoviePass just hit a new low

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Markets Insider

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.

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