MoviePass Executives are Making One More Last-Ditch Effort to Save the Stock From Being Delisted - Business Insider -BoardProspects

MoviePass Executives are Making One More Last-Ditch Effort to Save the Stock From Being Delisted

Business Insider Jan 19 2019 BoardNews
- MoviePass parent Helios and Matheson on Friday said it would seek — again — to get shareholder authorization to reverse split its stock.
- The company is in imminent danger of having its stock delisted from the Nasdaq; the market is hearing the company's appeal of its delisting decision later this month.
- The proposal is basically the same one that the company withdrew in November in the face of widespread investor opposition...
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Quotes
1. We believe that a reverse stock split could increase the market price of our common stock sufficient to satisfy [Nasdaq's] minimum bid price requirement in the near term.
2. Although MoviePass recently has implemented significant cost cutting measures ... the company believes it will continue to need to raise capital to fund MoviePass until MoviePass becomes cash flow positive or profitable (of which there is no assurance).
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- Troy Wolverton
- Troywolv