Helios and Matheson Analytics Inc. (Nasdaq:HMNY), the  majority owner of MoviePass Inc., the nation’s premier movie-theater subscription service, today announced that it has commenced a best efforts underwritten public offering, subject to market and other conditions, to issue and sell shares of its common stock and warrants to purchase shares of its common stock.

That hurts, as a dilution will lead to more selling of the stock which has been battered recently. The shares of common stock and warrants will be issued separately.

As a reminder with any such offering, “there can be no assurance as to whether or when the offering may be completed, or to the actual size or terms of the offering. HMNY intends to use the net proceeds from this offering to increase the Company’s ownership stake in MoviePass or to support the MoviePass operations; to satisfy a portion or all of the amounts payable in connection with its outstanding convertible notes, to the extent that they remain outstanding; and for general corporate purposes.”

Canaccord Genuity is acting as sole book-running manager and Maxim Group LLC is acting as co-manager for the offering.

The shares of common stock and warrants described above are being offered pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (SEC).

 

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