- MoviePass will raise its price to $14.95 per month within the next 30 days, the company said.
- The stock surged 150 percent to a session high of $2.00 before being halted and ultimately losing all of its gains.
- The subscription service, which says it counts more than 3 million members, has been tweaking its plans in recent months in an effort to reach profitability.
MoviePass is raising its rates, and investors briefly shot shares of its parent company, Helios and Matheson Analytics, up 150 percent Tuesday.
The standard plan, which allows moviegoers to see one movie a day with certain limitations, will soon cost $14.95 a month, the company said. The plan currently goes for $9.95. MoviePass also said it would soon limit new movies that are released in at least 1,000 theaters for the first two weeks of the run.
The popular movie subscription card company announced the higher price Tuesday, sending Helios and Matheson stock up 150 percent to a session high of $2.00 before being halted. The stock was halted a second time before ultimately losing all of its gains.
Shares were fluctuating up and down throughout the morning, dropping as low as 46 cents by noon ET.
The subscription service, which says it counts more than 3 million members, has been tweaking its plans in recent months in an effort to reach profitability. The company has already limited users to seeing each movie only once and introduced peak pricing for more popular movie times.
The new pricing structure will take effect "within the next 30 days," the company said.