MoviePass’ parent company just freed up some room to sell more stock — after already increasing its share count by 80,000% since July (HMNY)

Hollis Johnson/Business Insider

• Helios and Matheson, the parent of MoviePass, is required to reserve millions of shares of stock as part of a series of debt agreements.
• The company’s creditors have agreed to reduce the number of shares it has to set aside.
• The move could free the company up to sell new shares to the public, something it’s done repeatedly to stay in business.
• However, the agreement came around the same time that the investment bank that has been selling shares on the company’s behalf announced it was cancelling their contract.

MoviePass’ parent company just gave itself more wriggle room to issue new shares — at the same time the partner it’s used to repeatedly sell new stock to shareholders cancelled their contract.

Helios and Matheson’s creditors have agreed to reduce the number of shares the company needs to set aside for notes it issued that can be converted into stock, the company said in a regulatory document filed with the Securities and Exchange Commission on Thursday. Additionally, the company essentially reached an agreement with its creditors to cancel a convertible note deal it agreed to in June, meaning it no longer has to set aside shares for that either.

See the rest of the story at Business Insider

NOW WATCH: Everything we know about Samsung’s foldable phone

See Also:

• MoviePass’ parent company says the $ 65 million in new funding it just raised isn’t exactly ‘new’
• Here’s an evolving count of which senators are voting for Brett Kavanaugh
• Republican Sen. Ben Sasse drops a bombshell on the debate over Brett Kavanaugh’s nomination to the Supreme Court

SEE ALSO: MoviePass’ parent company says the $ 65 million in new funding it just raised isn’t exactly ‘new’

SEE ALSO: MoviePass’ parent company has boosted its share count by an unbelievable 80,000% since July — but it’s run out of room to issue new stock

SEE ALSO: Even after massively diluting its stock, MoviePass’ parent company could issue billions of more shares, and there’s little investors can do about it

SEE ALSO: MoviePass’ parent company increased its share count by an incredible 9,000% in less than two weeks — and just after reverse splitting its stock to combat dilution