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MoviePass owner announces public offering, shares tank

Shares of MoviePass majority owner Helios & Matheson Analytics Inc. HMNY, -3.28% fell greater than 12% late Wednesday after the company mentioned it will sell an unspecified amount of stocks in a public providing. Proceeds would be used to extend the company's stake in MoviePass, to make stronger MoviePass operations, or to make acquisitions, among different functions, the company mentioned. Canaccord Genuity is the deal's sole bookrunner. Earlier this week, Verizon Communications disclosed a big stake in the film theater-subscription corporate. Shares of Helios & Matheson ended the common consultation down 3.3%.