OUCH

MoviePass Stock Plummets to 5 Cents

The company posted a $126.6 million loss in the second quarter.

It’s been a bad quarter for MoviePass. The company that owns the subscription-based service, Helios and Matheson, posted a $126.6 million loss for the quarter, amounting to $132 a share. Its stocks are now trading at just 5 cents, and the company has used $27 million of its cash reserves, with just $15.5 million remaining. Helios and Matheson once said “without raising additional capital, there is substantial doubt about the company’s ability to continue as a going concern.” Earlier this month, it released a statement saying, “Talk of our demise is greatly exaggerated,” adding that the company was merely “going through a rough patch.”