I love Prom Night II. Took a trip last month to see it on 35mm for it's 30th Anniversary screening in the city it was shot.
I watched it for the first time in October last year, and yeah, it blew my mind. Such an underrated, weird, dark gem. Perfect for a cult following.
This and Return To Horror High used to air constantly on USA throughout the '90s, sometimes back-to-back. As a kid, I was always confusing scenes from the two.
Who knows currently, as MGM had it back in 2008 but then Echo Bridge re-released it in 2013 apparently. I believe rights may have reverted back to director Bruce Pittman though (at least in Canada).
I think Entertainment One / eOne is the current successor in interest for all things SimCom. MGM's license expired, and Echo Bridge holds the US rights at this time. I imagine Synapse probably could sublicense the title from Echo Bridge, as they had for the first Prom Night and Curtains, but I'm pretty sure Don May has mentioned in Podcast appearances that Prom Night sales were not as good as they had hoped.