MoviePass owner Helios to issue new stock and warrants, shares plunge 14%
MoviePass Inc. owner Helios and Matheson Analytics Inc. will issue stock and warrants, the company said late Tuesday. Shares of Helios fell 14% to $8.65 after hours. Helios plans to use the proceeds from the offering to increase its stake in MoviePass or to support it's operations, the company said. Helios will also use the proceeds to pay down some amounts due on outstanding convertible notes and for "general corporate purposes" the company said. Cannaccord Genuity is acting as the sole book-runner for the new issue. Helios stock is up 206% this year as of today's close, with the S&P 500 index up 19%.
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