MoviePass Runs Out of Money, Disrupting Service to Millions of Members
Company borrows $5 million in an emergency loan from hedge fund Hudson Bay.
First, MoviePass blacks out the night of the Marvel premiere of Ant-Man and a second disruption brings the app down – again. Last Thursday, MoviePass ran out of money, disrupting service to its subscribers Thursday and part of Friday. To get the company back up and running again, parent company Helios and Matheson Analytics (NASDAQ: HMNY) borrowed $5 million on an emergency basis from hedge fund Hudson Bay, reports The Verge. In an SEC filing, Helios and Matheson said it would use the emergency funding to pay the company’s merchant and fulfillment processors, says Business Insider.
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