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
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