No media-related stock has been on a wilder rollercoaster ride these past few months than Helios & Matheson (NASDAQ:HMNY), owner of the MoviePass movie ticket subscription service. The company’s share prices went on a 1,400 percent tear starting on September 15, when MoviePass announced that it had signed up 400,000 subscribers in the month since it rolled out its new $9.95 per month “all you can watch” plan. After rocketing from $2.50 per share on September 14 to a high of $38.66 just 19 trading sessions later on October 11, the stock rapidly drifted down to the $10.00 range, where it bounced around for a few weeks until yesterday.
That was when Helios revealed that it had secured a $100 million convertible debt commitment from institutional investors for the purpose of further funding MoviePass, and for general corporate purposes. That sparked a 45.2% pop for HMNY’s shares on Tuesday, to a closing price of $14.20.
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