Robinhood shuts customers out of buying shares of MoviePass’ parent company after the stock crashed more than 99.99% (HMNY)

via businessinsider:

  • Robinhood is suspending new purchases of Helios & Matheson, the parent company of MoviePass, after the stock’s drastic 99.99% crash.
  • “In order to protect our customers from the risks associated with some low-priced stocks, we remove the buy option for stocks like HMNY that consistently trade under $0.10,” the company said in an email to customers.
  • Follow HMNY’s stock price in real-time here. 

Helios & Matheson, the parent company of MoviePass’, won’t be getting any new investors on Robinhood.

The free stock-trading app said Monday that it would not allow users to buy shares of the company, but that they would still be able to hold and sell shares currently owned.

“In order to protect our customers from the risks associated with some low-priced stocks, we remove the buy option for stocks like HMNY that consistently trade under $0.10,” the brokerage said in an email to customers.

It’s not clear when exactly the suspension will occur, and Robinhood declined to comment when asked by Business Insider how long the suspension would last.  An order for one share of HMNY was successfully placed via Robinhood by Business Insider shortly before the closing bell Monday….

 

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