MoviePass Parent Sets Spinoff Plan to Create ‘MoviePass Entertainment’

23 Octobre, 2018, 23:08 | Auteur: Christine Menetries
  • MoviePass Entertainment

Shares of Helios & Matheson Analytics, the owner of MoviePass, exploded by as much as 50% to $0.025 apiece Tuesday after the company announced its plans to spin-off MoviePass and make it a separate public company. For one thing, HMNY said that it's not sure such a transaction is allowed under DE law. The New York Attorney General's office is also now investigating the company for allegedly misleading investors.

Shares of Helios and Matheson, which is a data company, have been punished all year long.

"Since we acquired control of MoviePass in December 2017, Helios and Matheson Analytics largely has become synonymous with MoviePass in the public's eye, leading us to believe that our shareholders and the market perception of HMNY might benefit from separating our movie-related assets from the rest of our company", CEO Ted Farnsworth said in a press release. But the deal was too good to be true: The surge in users caused an enormous cash drain on HMNY and the company was forced to take out several loans.

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The plan must still be approved by Nasdaq, the SEC and the state of Delaware.

"We believe this new vertically integrated entertainment ecosystem, if achieved, would provide a sharper market focus, and that the combination of these four business lines under the MoviePass Entertainment umbrella would produce substantial synergies that we believe will generate value for our shareholders, subscribers, and business partners", said Farnsworth.

Following the MoviePass Entertainment spinoff, HMNY plans to retain its ownership of Zone Technologies and would discontinue its previously announced plan to spin off Zone.

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