MoviePass announces it’s shutting down for good on Sept. 14.
dropped 10% Friday afternoon, though the stock trades for a fraction of a penny.
MoviePass notified subscribers that it plans to close down the service because its “efforts to recapitalize MoviePass have not been successful to date.” It has formed a strategic review committee, made up of the company’s independent directors, to explore “strategic and financial alternatives” for the company.
Among the options it’s considering are a sale of the company in its entirety, a sale of the company’s assets, including MoviePass, Moviefone and MoviePass Films, as well as the possibility of a reorganization of the company. Helios and Matheson Analytics noted that any transaction would include the “assumption or settlement” of any of its liabilities.
Prior to the service’s closure, MoviePass had been struggling for more than a year. Last March, MoviePass
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MoviePass will shut down for good on Sept. 14MoviePass announced on Friday it's shutting down and ending service for all subscribers on Sept. 14.
Read more »
MoviePass Shutting Down on Sept. 14
Read more »
Amazon is hosting its big new hardware event on Sept. 25Amazon is hosting its big annual hardware event on Sept. 25 in Seattle.
Read more »
MoviePass will shut down for good on Sept. 14MoviePass announced on Friday it's shutting down and ending service for all subscribers on Sept. 14.
Read more »