UPDATED with closing price. Shares in MoviePass majority owner Helios & Matheson Analytics have plunged 40% today, wiping out gains from earlier this week.

The stock, which recovered somewhat from its intraday low of $2.12, closed at $2.55, down 33% for the day. It has been on a wild ride over the past few months, topping $20 last fall before falling back to earth.

Helios & Matheson, which owns 92% of the movie subscription service (Verizon has the rest), today issued 10.5 million Series A-2 units. Priced at $2.75, each unit includes one common share of common stock plus additional warrants. The plan is to raise an additional $150 million to fund MoviePass. The subscription service has rattled exhibitors but intrigued consumers with its fixed-price strategy, with many industry veterans questioning its long-term viability. After slashing monthly prices to under $10, MoviePass saw subscriptions break past 2 million, but there is now an urgency to bankroll operations as it looks to add subscribers. (Thus the new stock offering.)

“Helios and Matheson may use the net proceeds from this offering to increase the company’s ownership stake in MoviePass or to support the operations of MoviePass and MoviePass Ventures; to satisfy a portion or all of any amounts payable in connection with previously issued convertible notes; and for general corporate purposes and transaction expenses,” the company said in a press release. “The company may also use the proceeds to make other acquisitions.”

More negative sentiment has swirled around the company over the past 24 hours after a Business Insider report said an auditor has raised “serious” questions about the company’s business model. CEO Mitch Lowe, who was a founding exec at Netflix, has predicted MoviePass can turn a profit by 2019.