The owner of MoviePass tumbles to new low of $0.40

Screen Shot 2018 05 25 at 12.52.42 PMMarkets Insider

MoviePass owner Helios & Matheson was down more than 10% Friday, hitting a fresh record low of $US0.40 a share.

The recent turbulence for Helios & Matheson began in mid-April when its internal auditor said there was “substantial doubt” the company would be able to stay in business. A few weeks later, the company said it burns about $US21.7 million a month, and that its shrinking cash pile is down to $US15.5 million.

MoviePass’ leadership has suggested the company will climb its way out of the hole by using its $US300 million “equity line of credit.”

Helios & Matheson shares are more than 98% below their October all-time high of $US32.90, hit shortly after the company acquired MoviePass.

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