The owner of MoviePass just hit a record low
- Shares of MoviePass owner Helios & Matheson hit a record low of $0.24 a share on Tuesday.
- The company proposed a reverse stock split six days ago in order to remain listed on the Nasdaq.
- Watch HMNY trade in real time here.
MoviePass owner Helios & Matheson hit a record low Tuesday, down more than 13% at $0.24 a share.
Helios and Matheson has seen a swift fall from grace after hitting a record high of $32.90 a share in October. Just six days ago, the MoviePass owner proposed a reverse stock split in order to get its share above the $1, the level needed to remain listed on the Nasdaq.
HMNY announced in a regulatory filing out Tuesday evening that it will have a special shareholder meeting in July to vote on four proposals that are intended to satisfy the Nasdaq's standards. "The failure of stockholders to approve this Proposal 3 could have serious adverse effects on the Company and its stockholders," HMNY said in the proposal. Shares tumbled more than 30% on the news of the proposed reverse split.
HMNY, which burned $40 million of cash in May has said its $300 million "equity line of credit" can keep the company afloat well into next year.
HMNY is down 96.43% this year.
