MoviePass' parent company is doing a massive reverse stock split in order to stay listed on the Nasdaq (HMNY)

MoviePass/Reuters

• MoviePass' parent company, Helios & Matheson, is doing a massive reverse stock split that will give investors one share for every 250 they currently own. 
• The stock has declined dramatically from a high of nearly $40 to just $0.09 this week.
• Follow HMNY's stock price in real-time here. 

MoviePass’ parent company on Tuesday announced a big move designed to keep it from being delisted by the Nasdaq stock exchange.

The company, Helios & Matheson, will be performing a reverse stock split, in which it will reduce its number of shares outstanding by a factor of 250. Shareholders will receive one share for every 250 they currently hold. At Tuesday's prices, one share originally worth $0.09 would be worth $22.50. The announcement came just one day after Helios and Matheson shareholders gave their approval for the company to carry out such a measure.See the rest of the story at Business Insider

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