The loss of the LA-based, 3-person team who were given the news by MoviePass CEO Mitch Lowe is the latest in a string of departures at the movie-ticket subscription company. In the last month, several employees, including some on the management level, have resigned or been let go, the sources told Business Insider. The salaried staff currently is around 50 people (at the end of 2018, there were around 60).
These layoffs came on the heels of MoviePass' parent company, Helios and Matheson Analytics (HMNY), being kicked off the Nasdaq earlier this month. It had failed to meet the Nasdaq's listing standards by trading under $1 per share since July. The stock price had crashed as HMNY sold new shares to offset hundreds of millions in losses.
At the time of the delisting, HMNY said in a statement that the "delisting has no effect on the day-to-day business operations of HMNY or its subsidiaries, including MoviePass and MoviePass Films."
But the continued layoffs and departures tell a different story.
MoviePass did not respond to a request for comment.
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