A publicly traded media venture with ties to MoviePass' former chairman has been suspended from Nasdaq and its stock is in free fall
Vinco now has until Friday, August 4, to regain compliance with Nasdaq's rules or request a review by a hearings panel — or it will be delisted, according to a legal filing that cites the exchange's listing rules.
Farnsworth and other current and former Vinco leaders are facing several lawsuits in Clark County, Nevada, where the company is incorporated. One of those lawsuits is from a shareholder group that includes Vick, which is making a last-ditch effort to save Vinco's Nasdaq status. The shareholders filed on Monday for an emergency motion and asked the judge to hear them out by Thursday to avoid a delisting. They're proposing three options: an emergency motion to appoint custodians for the company, comply with Nasdaq Rules to avoid a delisting, or to appoint a receiver.
Farnsworth led the 2017 acquisition of MoviePass as chairman and CEO of the then-publicly-traded company Helios & Matheson Analytics, or HMNY for short. Under the leadership of Farnsworth and Lowe, the company launched a $9.95-a-month subscription that allowed people to see a movie a day. In less than a year, MoviePass had over 3 million subscribers.
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