MoviePass could be spun off into a separate public company

MoviePass Entertainment

Should the stock remain at that price, Helios and Matheson Analytics could be delisted from the Nasdaq entirely. But that's the plan for MoviePass parent company Helios and Matheson, as it's announced that the nearly comically beleaguered subscription service for theatergoing will be spun into its own business entity. HMNY said it plans to continue focusing on data analytics and consumer-centric technologies.

MoviePass drew in millions of subscribers, luring them with a $10 monthly rate. Indeed, if you have heard of Helios and Matheson, it was probably because of the many articles that have been written about the rise and fall of MoviePass.

Helios and Matheson - which has seen its stock plunge to practically nil since it took control of the money-losing app last August - said it's spinning off MoviePass to improve the "market perception" of its own company, which trades under the ticker symbol HMNY.

Chairman and CEO Ted Farnsworth addressed the situation in a press release.

Dumping the PR nightmare of MoviePass is an attractive plan, doubly so since the new company - MoviePass Entertainment Holdings - could focus completely on the film world. But the deal was too good to be true: The surge in users caused an enormous cash drain on HMNY and the company was forced to take out several loans.

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The plan, which still must be approved by Nasdaq, the US Securities and Exchange Commission and the state of DE, has been met with muted response by the market, with shares still trading for less than a dollar.

Assets in the spun-off firm will include all shares of stock in MoviePass Inc. now held by HMNY, membership interests in MoviePass Films LLC (HMNY's film production company), membership interests in MoviePass Ventures LLC (HMNY's holder of economic interests in completed films), and Moviefone (multimedia information and advertising service).

This new company will be called MoviePass Entertainment Holdings, and will be home of the service's ticketing, film financing, and film production dealings.

On Tuesday's news, Helios shares jumped as much as 40 percent - to 2.5 cents, from 1.7 cents. The spinning off will require the approval of the SEC, the Nasdaq, and the state of DE, because of course MoviePass is based there.

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