What happened

Helios and Matheson Analytics (NASDAQ:HMNY), the company that owns a majority stake of the MoviePass all-you-can-watch movie subscription service, is in the dumps again on Thursday -- closing down 15.1%.

Why? That's an excellent question, to which I can only guess at the answer.

Neon exit sign in a dark room.

Helios investors began heading for the exits Thursday. Image source: Getty Images.

So what

As of mid-day, there weren't any more unsettling emails seen from MoviePass corporate, warning subscribers of new restrictions on their rights to use their MoviePass debit cards to see movies. There were no official press releases, nor surreptitious filings with the SEC. And there were no plans announced to further dilute shareholders or take on new debt.

Now what

That being said, I do expect that something of that sort is probably in the works. Although Helios CEO Ted Farnsworth reassured investors late last month that MoviePass has reached a point at which its cash flows are breakeven, the fact remains that Helios stock has been below the $1 minimum share price for a Nasdaq listing for more than a month now. That means the company is once again at risk of delisting, and almost certainly contemplating plans for conducting another big reverse stock split.

Once that news breaks -- and break it will, I predict -- Helios stock is bound to take another plunge. It could be that the investors selling Helios today are just heading for the exits early.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.