fight4thislove (fight4thislove) wrote in ohnotheydidnt,
fight4thislove
fight4thislove
ohnotheydidnt

MoviePass is Over, Ran Out of Funds Last Night


  • 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.


Source

What's that sound? Me signing up for AMC A-List.
Tags: box office, computers and technology, death, film
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