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MoviePass parent rebounds late after service restoration

Published 07/27/2018, 05:42 PM
© Reuters.  MoviePass parent rebounds late after service restoration
HMNY
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  • MoviePass parent Helios & Matheson (NASDAQ:HMNY) has regained some ground after hours following a post-close notice that the company's restored service after an outage that drew attention on Thursday night.
  • Shares are up 10% postmarket, taking a (very small) edge off a 70.7% decline today that was spurred by a short-term loan it took to continue paying processors to resolve the outage.
  • The company issued a $6.2M demand note, using $5M of that to pay merchant and fulfillment processors, and will execute a demand note guaranty to ensure punctual payment.
  • "We have handled the issues on the back-end, and our app is now up-and-running with stability at 100%," the firm tells customers.


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