MoviePass’ parent company Helios and Matheson has established a $164 million bond sale for the subscription service.
The governing bodies announced that the company reached an agreement with investors to offer convertible notes for the aforementioned amount and 20,500 shares of preferred stock.
Despite reducing its prices to less than $10 a month and seeing positive growth, MoviePass has experienced notable liquidity problems.
In October, Helios and Matheson’s stock was trading at $38.86 per share and is now at just above 33 cents per share. The company is currently making an effort to push its share price over $1 so it won’t be delisted from Nasdaq.
This week, AMC Theatres announced that it has launched a monthly subscription service to rival MoviePass.