MoviePass parent Helios & Matheson (HMNY) announced today that it has reached an agreement with institutional investors to issue series B-2 senior convertible notes for $164M, as well as 20,5K shares of preferred stock, in addition to other changes in its movie ticket subscription program.

The news hits in the wake of the world’s biggest theater chain, AMC, announcing a $20/month movie ticket subscription program to rival MoviePass. AMC Stubs A-List program comes with a lot of perks (free 3D, PLF, Imax pricing) and the ability to book tickets far in advance as opposed to the MoviePass app’s last minute purchase feature.

MovePass Mitch Lowe announced changes today that new subscribers as of July will face a $2 surcharge on those titles which the MoviePass mobile app deems popular, particularly event titles during opening weekend. In addition, by August, they’ll be options like ‘add-a-friend’ (which they’ve promised for quite some time) as well as the ability to snap up Imax and RealD tickets. Those added premiums would come at $2-$6 a ticket.

“Our transformative $9.95 plan is delivering a true value to our members while revolutionizing the movie industry. We intend to keep the $9.95 model live and running. At the same time, we are launching new, on-demand options that members can add to their baseline subscription. The new optional add-ons will allow members to invite a friend to the theaters, upgrade to premium 3D and IMAX showings, or order tickets specifically for certain high-demand showings for a small additional fee. Our members can now take advantage of features they’ve asked for, and we can simultaneously help drive attendance to theaters during their slow times. We intend to test the new programs in the coming weeks,” said MoviePass in a statement to Deadline today.

Following the reboot of MoviePass back in August, HMNY hit a 52-week high of $38.86 in October, and dropped 99% to date with a current share price of $0.33. Analysts have expressed doubts about the company’s longevity with a $9.99/a month unlimited movie ticket business plan. Last spring, filings showed HMNY with $15.5M in available cash at the end of April, $27.9M on deposit with monthly expenses at $21.7M. HMNY CEO Ted Farnsworth has also said in the press that the company has a $300M from an equity line of credit.