Business Insider
- MoviePass owner Helios & Matheson hit a record low of $0.19 a share Wednesday morning.
- The company proposed a reverse stock split a week ago in order to remain listed on the Nasdaq.
- Watch HMNY trade in real time here.
MoviePass owner Helios & Matheson (HMNY) is falling further into the abyss.
Shares are down about 25% on Wednesday, and trading at a record low of $0.19 apiece. Wednesday's losses mark the fourth straight day of declines.
Last week, Helios & Matheson proposed a reversed stock split in an effort to boost its share price above the Nasdaq's minimum requirement of $1. The failure to reclaim that level would eventually lead to its delisting.
HMNY announced in a regulatory filing out last 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 requirements. "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.
The stock is down 97.43% this year.
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