Markets Insider
- MoviePass owner Helios & Matheson Analytics (HMNY) is tumbling for the third straight day, falling to well below $1 a share.
- The selling comes after the company announced an alarming cash burn.
- Shares have lost more than 98% of their value this year.
- Track Helios and Matheson stock here.
MoviePass owner Helios & Matheson Analytics (HMNY) tumbling again. Shares are down more than 13% on Thursday to a record low of $0.68 apiece. They have lost more than tw0-thirds of their value in the past three sessions and are 98% below their October record high of $38.86.
The recent selling comes after the company announced on Tuesday, in an 8-K filling, that it had "approximately $15.5 million in available cash and approximately $27.9 million on deposit with our merchant processors for a total of approximately $43.4 million." The company estimates that it has seen an average cash deficit of $21.7 million per month from September to April.