MoviePass Parent Files to Raise $1.2B to Stay Afloat

A tad misleading, they filed to issue up to $1.2B more of their almost worthless stock over the next 3 years. They haven't actually raised any money. Here is the filing:

https://www.sec.gov/Archives/edgar/data/1040792/000121390018...

I'm not savvy enough to give it a full Matt Levine treatment so hopefully he will soon.

From the perspective of a CEO: if you're about to go bankrupt anyway might as well as try a last ditch hail mary. It can't get any worse.

I'm quite baffled by the recent trend that burning money (without a sustainable business model) is considered equivalent to "growth".

Good luck with that. The interest rate must be unreal.

$1.2B is around 100x their market cap.

don’t worry, they’re losing money on every sale but they’ll make it up in volume.