Helios & Matheson, the parent company of beleaguered movie ticketing subscription service MoviePass, announced in a public filing Tuesday that it is scrapping a shareholder vote for a second stock split.
In the filing, Helios says the company ‘does not expect to have the requisite stockholder votes’ to approve a reverse stock split. It is currently valued at two cents a share.
Helios also warned in its filing that it could be delisted from Nasdaq as early as December 18th if its stock does not rise above one dollar and requests for a deadline extension are denied.
Currently, MoviePass allows for three movie tickets a month but reserves the right to remove in-demand films from availability. Rival AMC Theaters released its own competitor called A-List which already has over 500,000 subscribers.
Helios & Matheson announced its intention to split its MoviePass service off as a separate company last month.
Source: The Wrap