The National Enquirer Sold To Joint Venture With Former MoviePass Executive Nasdaq rules permit a delisting if shares trade below $1 for a sustained period of time. Multiple reverse stock splits briefly buoyed the price, but it quickly plunged back down to penny-stock levels. The company has denied any wrongdoing.Īfter soaring past $30 a share a year ago amid optimism that MoviePass could become the Uber of exhibition, Helios and Matheson stock cratered over the spring and summer.
Shareholders making similar claims sued the company in August. At issue are the financial disclosures by Helios and Matheson and whether they may have misled investors. The announcement of the move is raising eyebrows among some investors and company observers, as it comes just days after word came that the New York State Attorney General’s office is investigating the company. The spinoff requires the approval of the SEC, the state of Delaware (where the company is incorporated) and the Nasdaq. Shares in Helios rose 15% on the news, though that didn’t even get them above two cents. and other film assets held by Helios, pursuing a Nasdaq listing.
Under the plan, a new subsidiary called MoviePass Entertainment Holdings would take over shares of MoviePass Inc. Helios and Matheson is a data analytics firm with holdings beyond entertainment. The spin, which has been given preliminary approval by the board of directors, aims to create a vertically integrated company focused on film production, marketing and exhibition company. Helios and Matheson Analytics has announced plans to spin off its long-troubled ticketing, film financing and production unit MoviePass into its own separate, publicly traded company.
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