CMON seeks up to $17.5 million from outside investors amid cash pressure
CMON is seeking up to $17.5 million from outside investors after existing shareholders subscribed to 7.76% of shares offered in its rights issue.
The board-game publisher reported a first-half loss of just over $2 million, down from almost $7 million a year earlier, but said its core business continues to consume more cash than it generates. Board Game Wire reported that CMON had about $368,000 in cash and bank balances on August 4.
CMON plans to use the proposed financing for operations, liabilities, market expansion and potential digital-gaming acquisitions. The company still has eight undelivered crowdfunded games that raised about $14 million from backers.