The value of the company that owns MoviePass has nosedived to the point where its CEO, Ted Farnsworth, has seen the value of his stock holdings shrink from $7.25million to just $50.
Last year, Farnsworth was awarded the shares in parent company Helios and Matheson Analytics as part of his compensation package.
The shares in the company represented 80% of his total $8.9million compensation, according to QZ.
In filings to the SEC last week, the package of shares was listed as worth just $50.
Adding insult to injury, Farnsworth would not be able to sell those shares because they are in lock-up.
That precludes Farnsworth from selling or transferring them a period of up to two years after stockholders approved the award.
The value of the company that owns MoviePass has nosedived to the point where its CEO, Ted Farnsworth, has seen the value of his stock holdings shrink from $7.25million to just $50. Farnsworth is seen center alongside two unidentified people in April
As of Monday, the stock price of Helios and Matheson Analytics was $0.02. At its peak earlier this year, it was hovering near $2,500
SEC documents show that last year Farnsworth received $225,000 in base salary, a $1.35 million cash bonus, and $76,050 in housing costs.
He was also awarded 8,213 shares, which have not yet been approved by shareholders.
If granted, those shares would be worth about $135 based on current stock price.
Going forward, Farnsworth’s base salary will be $325,000 a year, and he is eligible for a cash bonus of around 25% of his salary, and stock awards worth 200% of his salary.
If the company's market capitalization reaches $100 million, which seems like a stretch at this point, Farnsworth would receive a bonus.
As of Tuesday, Helios' market capitalization was just over $21million.
Farnsworth founded the tech company Zone Technologies, which is known for creating an app that maps crime in neighborhoods.
In 2016, Helios bought the company and brought Farnsworth on board.
In January 2017, he was named CEO of Helios. He then spearheaded the acquisition of a majority stake in MoviePass.
Farnsworth signed a five-year contract with the company just before the MoviePass deal was finalized last December.
In late October, Helios and Matheson Analytics said it will spin off MoviePass into a separate public company.
The data company, which took a controlling stake in MoviePass last December, now owns a 92 percent stake in the business.
In January 2017, he was named CEO of Helios. He then spearheaded the acquisition of a majority stake in MoviePass
Helios and Matheson said it would create a new unit MoviePass Entertainment Holdings Inc that would take ownership of the shares of MoviePass Inc and other film related assets held by the company.
MoviePass allows subscribers to watch three movies a month for a flat fee of $9.95 and get discounts on additional movie tickets.
The company’s stock has lost nearly all its value this year as it burned through cash to support the MoviePass business.
Helios is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology.
Helios’ holdings include RedZone Ma, a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology.
Helios is headquartered in New York and listed on the Nasdaq Capital Market under the symbol HMNY.
Link hienalouca.com
https://hienalouca.com/2018/12/12/ceo-of-company-that-owns-moviepass-received-7-25m-in-shares-that-are-now-worth-just-50/
Main photo article The value of the company that owns MoviePass has nosedived to the point where its CEO, Ted Farnsworth, has seen the value of his stock holdings shrink from $7.25million to just $50.
Last year, Farnsworth was awarded the shares in parent company Helios and Matheson Analytics as part of his...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/1s/2018/12/11/23/7307182-6485365-image-a-1_1544571352476.jpg
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