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MoviePass executives are making one more last-ditch effort to save the stock from getting delisted (HMNY)

MoviePass executives are making one more last-ditch effort to save the stock from getting delisted (HMNY)
MoviePass/Reuters



MoviePass parent Helios and Matheson on Friday said it would seek — again — to get shareholder authorization to reverse split its stock.




The company is in imminent danger of having its stock delisted from the Nasdaq; the market is hearing the company's appeal of its delisting decision later this month.




The proposal is basically the same one that the company withdrew in November in the face of widespread investor opposition.




Just as with that plan, the new proposal would give the company room to issue billions of new shares.




Even after massively diluting shareholders, the company is alerting investors that it likely would issue new shares after a split to raise funds to continue its operations.



You've got to give the folks who run MoviePass credit for at least two things: They're persistent. And they've got a lot of chutzpah.
Two months ago, Helios and Matheson — MoviePass's parent company — cancelled a special shareholder meeting at which it hoped to get investor approval to reverse split its stock. The company backed away from the effort because shareholders were openly hostile to the plan. Indeed, in a regulatory filing, the company said it expected investors would vote down the proposal.
But late on Friday, the company announced new plans to hold a special shareholder meeting. And you'll never guess what it wants investors to approve.
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