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Lessons From The 99.9% Drop In MoviePass (Seeking Alpha link)

Posted by: stormgod (a.k.a StormGod) on Aug 01, 20:50

https://seekingalpha.com/article/4192962-lessons-99_9-percent-drop-moviepass

Why There May Still Be Further Downside

HMNY revealed that on Thursday last week, subscribers experienced an outage in service due to MoviePass being unable to pay merchant and fulfillment processors. HMNY then revealed in a SEC filing that they took an emergency loan from Hudson Bay Master Fund to the total of $6.2 million at a $1.2 million discount. This implies a near 20% interest rate for what looks like a very short term loan. This appears to have solved the outage issues, for now, but this now raises a new question: are they unable to raise enough cash through their at the market program? 





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