Why Helios and Matheson Analytics Inc Stock Is Plunging Today

The shares of one of this fall's hottest stocks, Helios and Matheson Analytics Inc (NASDAQ: HMNY), are currently down about 15% as of 12 p.m. EDT.

In an 8-K filing with the Securities and Exchange Commission on Wednesday, the company explained that it entered into an option agreement to purchase up to 8.7% of MoviePass stock, on top of the 53.71% of the company it already owns or will acquire through the conversion of a MoviePass note.

Helios and Matheson Analytics grabbed national attention when it announced a deal to acquire majority ownership of MoviePass in August. MoviePass is a service in which moviegoers pay a flat monthly fee to see an unlimited number of movies at theaters across the United States.

Source: Fool.com