HMNY Stock News: Why the MoviePass Stock Is Moving Today

Helios and Matheson Analytics (NASDAQ:HMNY) stock was on a wild ride Thursday following news from the MoviePass owner.

HMNY Stock News: Why the MoviePass Stock Is Moving Today

According to Helios and Matheson Analytics CEO Ted Farnsworth, the company has secured new funding. The company CEO says that this funding comes in at $65 million. However, he refused to go into more specific details about it, but it couldn’t keep HMNY stock from falling today.

During the same discussion about the new funding, the MoviePass parent company CEO also made sure to mention that there is no danger of bankruptcy. Rumors have been swirling about such an outcome as the company has had trouble keeping MoviePass running due to funding issues, reports Business Insider.

HMNY stock has been on both sides of the fence today. It started off Thursday on the rise, reaching a peak increase of 38% this morning. However, the stock is now down 34% from Wednesday’s close as of noon Thursday.

More bad news for HMNY stock is its inability to raise above the $1 mark. If it can’t do this before mid-December, the company will face delisting from the NASDAQ. The MoviePass owner is hoping to avoid this with a potential reverse stock split with 500 shares being traded for a single share.

So what else is Helios and Matheson Analytics planning to keep the company from failure? Farnsworth says that it is currently considering mergers and acquisitions as a way to grow the company beyond its current state.

As of this writing, William White did not hold a position in any of the aforementioned securities.

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