Helios & Matheson Analytics and their movie ticketing subscription service MoviePass aren’t going down without a fight.
Filing a brief 8-K with the SEC this morning, the company indicates it has already paid back the $6.2 million in emergency loans it borrowed from Hudson Bay Capital Management to ease the cash crunch it experienced during the opening weekend of “Mission: Impossible – Fallout”.
The lender reportedly could have demanded half the amount ($3.1 million) in repayment starting today, but the company has paid it all back in full. The company’s CEO Mitch Lowe continues to fight a PR war as well, issuing a press release titled “MoviePass Leverages Its Power At the Box Office” and discussing how the service has been “a positive force in Hollywood”.
The NRG sample data used in the release, taken from Spring and early Summer as opposed to recent weeks, indicates subscribers use the service to see movies they wouldn’t normally see in theaters – including those that have low Rotten Tomatoes score. They also say subscribers return to see the same movie at a rate up to 10 times that of the general moviegoing population.
Helios & Matheson investors weren’t buying it, the stock ended today’s trading session down 54% and now stands at just under 23 cents.