/Moviepass Owner Helios & Matheson to Delist Amid Spinoff Plans

Moviepass Owner Helios & Matheson to Delist Amid Spinoff Plans

The MoviePass application is displayed in the App Store

Photographer: Andrew Harrer/Bloomberg

Helios & Matheson Analytics, the owner of Moviepass that offered theatergoers unlimited access for as little as $10 per month, was
delisted from the Nasdaq
on Tuesday and trading will be suspended at the open on Wednesday.

The delisting comes less than one month after Helios & Matheson filed for a
spinoff
of the subscription business that’s
struggled
to find a sustainable business model.
Competition
from

AMC Entertainment Holdings Inc. and an
investigation
by the New York attorney general added further pressure to shares over the past year.

Shares traded over $8,000 since Helios purchased a majority stake in the service in August 2017 and prior to a 1-for-250
reverse stock split
last summer. The company
warned
in December that it may have to delist due to its shares trading below $1 each.

Moviepass owner to delist after shares fizzle out

A spokeswoman for Helios & Matheson said the delisting has “no effect on the day-to-day business operations of HMNY or its subsidiaries, including MoviePass and MoviePass Films.” It expects its stock to begin trading on the over-the-counter market on Wednesday. In the meantime, the company is proceeding with its planning efforts of a partial spinoff of MoviePass Entertainment Holdings Inc., she added.

(Updates first paragraph to confirm delisting, adds company comment in last paragraph.)