Helios and Matheson Analytics Inc. (HMNY) is getting serious about disputing the movie industry.
Helios and Matheson, an information technology services company, announced on Monday that it intends to sell $100 million senior convertible notes with $5 million of the proceeds to be used to pay the remaining $5 million balance that it will owe to MoviePass.
In August, the company bought a controlling stake in an online ticketing service MoviePass for $27 million. MoviePass sells a subscription that allows access to roughly 90% of movie theaters in the U.S. for $9.95 a month.
Additionally, MoviePass, whose founder Mitch Lowe is one of the founders of Netflix (NFLX) , has increased its subscriptions from under 20,000 to more than 400,000.
Shares of Helios and Matheson were surging over 18% following the announcement on Monday. Shares of the company are higher over 250% year-to-date.
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