![]() The company now has more shares in circulation than it did before it reverse split its stock by a ratio of 250-1 last month.īetween June 30 and August 9, MoviePass' parent company issued and sold 232.4 million shares on the public markets, raising $50.2 million. Its total outstanding shares went from 6.7 million to 636.9 million over that period. In its quarterly report it filed on Tuesday, Helios and Matheson revealed that between July 31 and August 13, it increased its share count by an incredible 9,423%. Shareholders of the parent company of MoviePass just found out their stakes are worth about 1% of what they previously thought - at least in terms of the portion of the company they thought they owned. Helios and Matheson has a history of issuing gobs of shares to raise cash to fund its money-losing MoviePass service.The massive dilution comes just weeks after the company executed a 250-1 reverse stock split to soak up excess shares and boost its stock price. ![]()
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