The MoviePass outage was caused by the company temporarily running out of cash, and it borrowed $5 million to turn the service back on https://t.co/fELZu25KrV— Business Insider (@businessinsider) July 27, 2018
- MoviePass' days are numbered and by numbered I mean, within the next week.
- Last night there was a service outage that is still ongoing as of this post.
- Well, according to an SEC filing this morning, it was because MoviePass has run out of money and had to borrow $5 Million to turn the service back on (its still not on).
- Moviepass and its parent compay Helios-Matheson have defaulted on numerous credit card processing merchants and are now borrowing money to try and cover the defaults.
- This comes after HMNY did a reverse split on MoviePass stock and introduced 6 Million more shares into the market to try and get some more cash. The stock dropped $4 alone this morning.
- Moviepass has had a pretty terrible week as it is seeing thousands exit the service due to their new Surge-Pricing implimentation on all films durin the weekend where users are paying upwards of $7 extra to see a movie on the weekend.
What's that sound? Me signing up for AMC A-List.