MoviePass Owner Cancels Reverse Stock Split as Nasdaq Delisting Looms

Helios & Matheson, the parent company of MoviePass, announced in a public filing on Tuesday that it is canceling a shareholder vote for a second stock split, warning that it faces delisting from Nasdaq if its stock value remains below one dollar.

In the filing, Helios said that the company “does not expect to have the requisite stockholder votes” to approve a reverse stock split, which would have been set at a range between 1-for-2 shares and 1-for-500 shares. Helios shareholders had previously approved a reverse split in July, briefly raising the stock’s value as high as $22.50 a share. But the stock price quickly dropped and is currently valued at two cents a share.