MoviePass parent company greenlights plans to distance itself from the troubled firm

MoviePass parent company greenlights plans to distance itself from the troubled firm 1
What just happened? Helios and Matheson Analytics, the parent company of MoviePass, has decided to distance itself from the floundering company. On Tuesday the company announced a preliminary plan to spin off MoviePass as a separate entity.

Helios and Matheson Analytics (HMNY) primarily provides information technology solutions. However, since acquiring MoviePass in a high profile buyout, most people know it for the theater subscription service. Indeed, if you have heard of Helios and Matheson, it was probably because of the many articles that have been written about the rise and fall of MoviePass.

The HMNY board of directors don’t care that the parent company is being so closely associated with the troubled subsidiary and has agreed to a plan to spin it off into a “vertically integrated film production, marketing, and exhibition” firm.

Chairman and CEO Ted Farnsworth addressed the situation in a press release.

“For many years, HMNY has been focused on data analytics, and in that capacity, we own assets like Zone Technologies which provides a safety and navigation app for iOS and Android users and a global security concierge service. Since we acquired control of MoviePass in December 2017, HMNY largely has become synonymous with MoviePass in the public’s eye, leading us to believe that our shareholders and the market perception of HMNY might benefit from separating our movie-related assets from the rest of our company.”

What will happen is HMNY will create a new subsidiary called MoviePass Entertainment Holdings Inc. This company would then take possession of all MoviePass Inc. shares as well as any other film-related assets held by HMNY. While HMNY will still own the new company, MoviePass Entertainment Holdings will be different from a subsidiary as it will be publicly traded and will carry its own assets.

Assets in the spun-off firm will include all shares of stock in MoviePass Inc. currently held by HMNY, membership interests in MoviePass Films LLC (HMNY’s film production company), membership interests in MoviePass Ventures LLC (HMNY’s holder of economic interests in completed films), and Moviefone (multimedia information and advertising service). Shares in the new company will be distributed to interest holders.

The deal has to go through the SEC approval process. Once approved, Delaware law will have to okay the distribution of existing stock to shareholders and NASDAQ will have to agree to list in on the market.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,564.00
ethereum
Ethereum (ETH) $ 3,867.82
binance-coin
Binance Coin (BNB) $ 474.21
cardano
Cardano (ADA) $ 2.22
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.14
solana
Solana (SOL) $ 160.44
polkadot
Polkadot (DOT) $ 43.07
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.239551
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,564.00
ethereumEthereum (ETH)
$ 3,867.82
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 630.00
litecoinLitecoin (LTC)
$ 190.17
bitcoinBitcoin (BTC)
53.286,41
ethereumEthereum (ETH)
3.347,77
tetherTether (USDT)
0,865545
bitcoin-cashBitcoin Cash (BCH)
545,29
litecoinLitecoin (LTC)
164,60
bitcoinBitcoin (BTC)
45,184.59
ethereumEthereum (ETH)
2,838.77
tetherTether (USDT)
0.733945
bitcoin-cashBitcoin Cash (BCH)
462.39
litecoinLitecoin (LTC)
139.57

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,581 0.32 % 6.40 % 14.26 %
Ethereum3,863.6 0.28 % 1.96 % 7.47 %
Binance Coin475.77 0.26 % 1.40 % 8.15 %
Cardano2.220 0.14 % 2.04 % 2.42 %
Tether0.9986 0.03 % 0.08 % 0.23 %
XRP1.150 0.08 % 1.39 % 7.17 %
Solana160.65 0.88 % 7.18 % 4.14 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2416 2.04 % 3.00 % 0.74 %

bitcoin
Bitcoin (BTC) $ 61,564.00
ethereum
Ethereum (ETH) $ 3,867.82
binance-coin
Binance Coin (BNB) $ 474.21
cardano
Cardano (ADA) $ 2.22
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.14
solana
Solana (SOL) $ 160.44
polkadot
Polkadot (DOT) $ 43.07
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.239551