Shares of MoviePass owner Helios and Matheson Analytics plunged more than 40 percent in high volume trading Wednesday, after falling 31 percent a day earlier.
The stock closed 45.85 percent lower at 79 cents a share, down nearly 98 percent from HMNY's 52-week high of $38.86 a share hit in October. The company's market value has plunged from $281 million then to roughly $42 million at Wednesday's prices, according to FactSet. It was the stock's worst day since February 2009.
Helios and Matheson Analytics disclosed in an SEC filing Tuesday that it estimated its average cash deficit was about $21.7 million a month for the seven months through April. That's a total deficit of $151.9 million.
On the other hand, the company said it had about $43.4 million in available cash and deposits with merchant processors, which represent some of the payments received from MoviePass subscription plans.
"We will need proceeds from sales of our common stock pursuant to our Equity Distribution Agreement with Canaccord Genuity, or other sources of capital, starting in May 2018," the filing said.