MoviePass has announced that it’s shutting down its discount ticketing service within the next few hours – officially closing its doors tomorrow U.S. time (September 14th).
In a statement to subscribers, the company says it was ending the service because its “efforts to recapitalize MoviePass have not been successful to date”.
MoviePass’ parent company Helios and Matheson Analytics has reportedly formed a strategic review committee to explore financial alternatives which could include the potential sale of the whole company or just certain assets like MoviePass, Moviefone and MoviePass Films.
However, any transaction would include the ‘assumption or settlement’ of any of its liabilities. Shares of Helios and Matheson Analytics dropped 10% Friday afternoon, even as the stock trades for a fraction of a penny.