I mean, is anyone honestly surprised here? I never jumped in but I know many did. More at CNN here.
Helios and Matheson (HMNY), parent company of the popular movie subscription service, told regulators Monday that it wants to sell that much in stock and debt securities.
MoviePass exploded in popularity because of its low price. For just $10 a month, about the cost of a single movie ticket in most places, MoviePass subscribers can see one movie a day.
But the company loses money when its customers use a pass, because it must pay theaters for the tickets.
Previous SEC filings revealed that the company was burning through an average of $21.7 million every month operating MoviePass. In May it blew through $40 million.
Last month, Helios and Matheson said in another SEC document that it had only $18.5 million in cash on hand, plus $30.3 million in accounts receivable. It expected its June cash deficit would reach $45 million.