This entertainment based company is doing everything they can to protect their big investors and screw over the newcomers.
If their plan is approved, and they follow through, it is just about protecting people who made the idiot decision to invest in the loser of a company which I told everyone was a loser from the day they announced their ridiculous idea. Many people joined with me, but most of them jumped on board the company’s train when the company bought them off with shares in the company or special events or otherwise kissed their butts.
Pastorelli’s Posthumous Murder Rap? MoviePass is running out of money and needs to raise $1.2 billion
The owners of MoviePass need another $1.2 billion.
Helios and Matheson (HMNY), parent company of the popular movie subscription service, told regulators Monday that it wants to sell that much in stock and debt securities.
MoviePass exploded in popularity because of its low price. For just $10 a month, about the cost of a single movie ticket in most places, MoviePass subscribers can see one movie a day.
But the company loses money when its customers use a pass, because it must pay theaters for the tickets.
Previous SEC filings revealed that the company was burning through an average of $21.7 million every month operating MoviePass. In May it blew through $40 million. – Source