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Thousands of investors got creamed trying to snatch cheap shares of MoviePass’ parent company during its epic meltdown
73,000 investors held shares of Helios & Matheson in Robinhood when the app barred new purchases earlier this week. The stock is quickly approaching zero.
Shares of the embattled company briefly doubled to $2 before sinking back below the $1 minimum it has struggled with for months.
The company said in May that it had enough cash to last over a year — but it it admitted Friday morning it had procured a $5 million loan after a service interruption.
MoviePass’ parent company threw a Hail Mary to raise its stock price — but it already seems to be backfiring
HMNY gave investors 1 share for every 250 they previously owned, but the stock crashed as soon as it began trading Wednesday.
MoviePass owner Helios and Matheson has been routinely hitting lows. It touched a record low of $0.335 a share on Wednesday.
MoviePass’ parent company is getting smoked — again — after ‘scary’ new revelations about its finances
The company said it filed a prospectus that contained errors.