The writing has been on MoviePass’s wall for a long while now, but nothing has really rocked the service’s financial boat — until last night, when service was disrupted because the company ran out of money, and its parent company borrowed an emergency $5 million from the hedge fund Hudson Bay.
In corporate speak: “The $5.0 million cash proceeds received from the Demand Note will be used by the Company to pay the Company’s merchant and fulfillment processors,” Helios and Matheson noted in a SEC filing, Business Insider reported. “If the Company is unable to make required payments to its merchant and fulfillment processors, the merchant and fulfillment processors may cease…
https://www.theverge.com/2018/7/27/17621670/moviepass-down-ran-out-of-money