![]() Helios and Matheson, in announcing the $1.2 billion funding plan on Monday, said its ability to raise the equity securities will depend in part on the company obtaining the affirmative vote of its shareholders an upcoming special meeting of stockholders to increase its authorized common stock or effect a combination of its outstanding common stock. Shares in Helios & Matheson had run up by a scorching 1,400 percent in 19 sessions, from 2.50 on September 14 to an all-time high of 38.66 on. AMC’s plan costs more, with subscriptions going for just under $20 a month, but it allows people to reserve tickets in advance and watch movies in 3D or IMAX, two things that MoviePass does not offer. Cinemark has launched a subscription service and AMC, the largest exhibitor in the world, unveiled its own answer to MoviePass a few weeks ago. At the special meeting, the stockholders approved, among other things, an amendment to our Certificate of Incorporation to increase the number of authorized shares of common stock of the Company, par value 0. This week, management at Helios & Matheson revealed plans to conduct a reverse stock split in which the firm would consolidate its shares in order to get them above the 1 minimum. An independent auditor raised “substantial doubt” in financial documents made public by MoviePass about the company’s ability to continue operating. In April 2018, Helios sold 150 million in stock with 30 million of the shares at 2.75, a discount from the closing market price of 3.83. Its monthly expenses totaled $21.7 million. Filings this spring revealed the company had $15.5 million in available cash at the end of April, plus $27.9 million on deposit with merchants. However, Helios and Matheson has also faced questions about its liquidity and its viability as a going concern. MoviePass has grown quickly since cutting its monthly price plan to less than $10, and has attracted north of 3 million customers. ![]() Its infotech services span the entire application lifecycle. The Company focuses mainly on healthcare IT services & BFSI sector. Helios & Matheson Information Technology Ltd provides consulting and information technology (IT) services to clients globally. The announcement comes after Helios and Matheson, the New York-based data and analytics company that bought MoviePass in 2017, last month announced a $164 million bond sale to provide working capital for MoviePass. Helios & Matheson 5,622 followers on LinkedIn.
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