It repeatedly adjusted MoviePass subscription plans to improve its financial situation. Last month, the company raised $65 million funding, which came in part from notes issued months earlier and from selling additional shares of stock.
There is a possibility that Helios and Matheson’s stock will be delisted from NASDAQ Capital Market. On Friday, HMNY shares closed at $0.017 each, below NASDAQ’s $1.00 minimum bid price requirement.
The company is encouraging its shareholders to vote for its reverse stock split proposal, which will enable it to maintain its common stock listing on NASDAQ. However, it is struggling to convince shareholders to support its proposal.
In a filing with the Securities and Exchange Commission (SEC), Helios and Matheson disclosed that it hired another firm, Alliance Advisors to help solicit proxy votes for its proposal.
The company told its shareholders that if do not approve its reverse stock split proposal, its common stock “will be subject to delisting” from NASDAQ.
