/biz/ - Business & Finance

>>10462835
Can you just explain to me why? Why would you invest so much money in such a shitcoin with knowledge based off an anime image board?

Come to think of it, why would you invest >1k in ANY altcoin? You might as well just go to the casino or bet on horse races.

>>10463143
Fucking kek I'm dumb.

But either way, investing 11k in anything based off info you got from 4chan is fucking stupid.

>>10463163
HMNY is a SEC-approved shitcoin. You weren't far off.

>>10463143
this is actually the Moviepass company.

For the last half year or so they have spiraled down from a high of around 32 dollars to 9 cents. The reason behind this is the cost to consumers via the app was too good a deal and Moviepass was paying the bill for far too many movies, making them run out of money far too quickly. A few weeks ago it was decided to do two very risky things. One, they approved adding +5 million shares (dilution) and two, a reverse stock split 250/1 in order to bring the price of the stock above a dollar, in order to keep from being delisted.

When the reverse split happened it immediately cratered due to either short pressure, or the announcement that they temporarily ran out of money on Thursday and couldn't pay the processing fees for the tickets. This caused a nationwide outage on purchasing tickets temporarily until HMNY secured a short term high interest loan of 5 million dollars. However, they had to pay the interest up front of about 1.3 million and the rest by August 5th I believe.

Where it goes from here I am not sure. There is no support and it dropped from the reverse split price down to 2.32. Effectively, each share, pre-split price is now worth less than 2/3rds a cent.