MoviePass Parent Company Shares Delisted From Nasdaq
Shares in MoviePass’ parent company, Helios & Matheson, have officially been delisted from trading on the Nasdaq stock exchange. Helios, a data analytics firm, bought a majority stake in MoviePass in August 2017, and its shares soon took off on the promise that the subscription movie ticket service would revolutions the movie going experience.
The delisting from the Nasdaq comes after several warnings relayed in SEC filings in recent months, given that companies cannot have their shares trade below $1 for extended periods of time. Helios stock has been worth less than two cents a share since a failed attempt to boost its value last summer via a reverse-split.
“The company does not intend to appeal the determination of the panel at this time,” a Helios filing said. Shares will continue to trade in the OTC Markets system under the current ticker symbol, HMNY. Stocks traded over the counter are generally more restricted than those on larger exchanges like the Nasdaq or the New York Stock Exchange.