AP Photo/Darron Cummings
- MoviePass parent Helios & Matheson hit a new low on Wednesday.
- The company has seen its total shares outstanding soar by3,429% since August.
- Watch Helios and Matheson trade in real time here.
Shares of MoviePass owner Helios and Matheson (HMNY) touched a record low of $0.17 apiece Wednesday morning. They are trading down more two cents, or more than 7%.
Wednesday’s selling has taken out the previous record low of $0.18, which was set in late June — shortly after HMNY proposed a reverse stock splitin an effort to boost its share price above the Nasdaq’s minimum requirement of $1. The failure to reclaim that level would eventually lead to its delisting.
The recent slide in HMNY’s stock price has come as the company has been issuing more shares in an effort to raise capital. HMNY said it had $15.5 million of cash on hand at the end of April, but that a “$300 million equity line of credit” would keep it afloat through for 17 months.
Since August, the number of shares outstanding has exploded by 3,429% from 7 million to nearly 250 million at the end June.
Helios and Matheson is down 97.54% this year.