MoviePass had a rough weekend. And Monday wasn’t any better.
The app for the popular ticketing service was experiencing an outage in several areas across the country, as noted by several users on Twitter.
MoviePass is a service that allows subscribers to pay a flat fee every month to see multiple movies. For $9.95 a month, the service promises that movie fans can see a movie a day, and they can cancel their subscriptions any time.
Last Thursday night, MoviePass experienced a temporary service outage because it ran out of cash. The company reported in a Securities and Exchange Commission filing Friday that it borrowed $5 million to pay it's "merchant and fulfillment processors" to correct the service interruption.
Over the weekend, users continued to struggle with the app – with several taking to Twitter to complain that they couldn’t purchase tickets for the latest “Mission Impossible” movie. This prompted the app to release an apology over Twitter Saturday night.
Monday also represented a terrible day in the stock market for the troubled company. Starting the day at just under $2 per share, MoviePass parent company Helios and Matheson Analytics saw its value plunder by 60% to close at 80 cents a share. Last Wednesday, the stock rose to $14 after a 1-for-250 reverse stock split.
With this poor value, the company is at risk of getting kicked off the exchange starting Dec. 18.
MoviePass and HMNY did not immediately respond to request for comment.