Helios & Matheson Analytics reportedly made a confidential filing with the SEC which looks set to spin-off their distressed movie subscription service MoviePass reports Deadline.
MoviePass would remain under the control of Helios & Matheson, but would have its own financial structure and be traded separately, thus Helios’ other data analytics businesses won’t be impacted. In other words, they’re not going down with the sinking ship.
The stock price has remained at or below two cents a share since last August and has repeatedly been warned of the possibility of a de-listing by the Nasdaq. Conditions of the plan include approval to list MoviePass shares on the Nasdaq or another exchange as well as Helios being allowed to distribute MoviePass shares under Delaware law.
The plan comes as MoviePass has instituted a new pricing structure ranging between $10-$20 a month for three films. As The Playlist has pointed out though, that’s the ‘starting price’ and depending upon where you live that plan price goes up to $3-5 higher.