Helios and Matheson Analytics Inc., the majority owner of Movie subscription technology company MoviePass Inc., initiated a "best efforts underwritten public offering" to issue and sell shares of its common stock and warrants to purchase shares of its common stock.
The New York-based information technology provider will separately issue common shares and warrants
Helios and Matheson plans to use the net proceeds to increase its 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 serving as sole book-running manager, while Maxim Group LLC is acting as co-manager for the offering.
In August, MoviePass agreed to sell a majority stake to Helios and Matheson. Following the closing of the deal, MoviePass will apply for listing and aim to start trading on the Nasdaq Stock Market or the New York Stock Exchange by March 31, 2018, at which point Helios and Matheson Analytics would remain the majority stakeholder of MoviePass.
