11/7/2023 0 Comments Helios and matheson stock symbolPalladium Capital Advisors LLC acted as a financial advisor. Each investor may prepay its Investor Note, with the resulting cash being paid to HMNY, in its discretion.Ĭanaccord Genuity LLC acted as sole placement agent for the financing. Pursuant to the terms of the securities purchase agreement, at the closing of the financing, the investors will pay for the Preferred Stock and the Notes with $20.5 million in cash up front and investor notes in the aggregate principal amount of $139.4 million payable to HMNY (the “Investor Notes”). Each share of Preferred Stock is entitled to 3,205 votes per share on all matters on which holders of common stock are entitled to vote. The Preferred Stock is not convertible into common stock. The Notes will be convertible, at the option of the holder, at a conversion price of $1.00, subject to adjustment. Absent registration, the investors may resell the shares underlying the Notes only pursuant to Rule 144 or another available exemption from registration. HMNY is not obligated to register the resale of any shares underlying the Notes with the Securities and Exchange Commission. The net proceeds from the issuance of the Notes and the Preferred Stock will be used for general corporate purposes. (“MoviePass”), the nation’s premier movie-theater subscription service, today announced that it has entered into a securities purchase agreement with institutional investors for HMNY to issue convertible notes in the aggregate principal amount of $164 million (the “Notes”) and 20,500 shares of preferred stock (the “Preferred Stock”). (Nasdaq: HMNY) (“HMNY”), a provider of information technology services and solutions and the 92% owner of MoviePass Inc. Now traded on the over-the-counter market, Helios and Matheson has to play catch-up in a game that it, itself, invented.Helios and Matheson Analytics Inc. It lost a lot of money, got itself delisted from the Nasdaq (last month), and has been survived by companies like Sinemia and AMC that took MoviePass's original idea and made a better business out of it. MoviePass had its shot at turning movie subscriptions a viable business model. But whether I'm right or wrong about that, the upshot for investors is this: In this way, the company might be able to leverage its subscriber base (again, assuming there is one) to drive additional traffic to theaters, and thus "enhance box office results" for such films. Still, assuming there are still any subscribers on the rolls, the general idea here seems to be that MoviePass will offer them additional movie viewings, on top of those for which they are subscribed, as long as those additional movies are ones that were produced by MoviePass itself. For instance, it didn't say a word about whether the 3.2 million subscribers it apparently still had hanging around, attempting (against all hope) to watch a movie or two on a subscription that had lost most of its value, are still extant. Helios was a little vague on the details, and even vaguer on numbers.
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