It’s over. Helios and Matheson Analytics (HMNY), the parent company of MoviePass announced today that they’re pulling the plug on the famed monthly movie ticket subscription service which offered unlimited tickets for $9.99/a month.
HMNY today said that it formed a strategic review committee comprised of independent directors, to identify, review and explore all strategic and financial alternatives for the Company, including a sale of the Company in its entirety, a sale of substantially all of the Company’s assets including MoviePass, Moviefone and MoviePass Films. Today, MoviePass notified its subscribers that “it would be interrupting the MoviePass service” effective Sept. 14 to because its efforts to recapitalize MoviePass have not been successful to date.
“The Company is unable to predict if or when the MoviePass™ service will continue. The Company is continuing its efforts to seek financing to fund its operations. There can be no assurance that any such financing will be obtained or available on terms acceptable to the Committee,” read a press release.
more…