CMON raises $19M as old shareholders sit out — new backers now hold 69%
What's the deal? Miniatures game publisher CMONDealroom has a profile for this one. Try Dealroom → has raised roughly $19 million gross (US$18.2M) in a rights issue, offering three new shares for every existing one at US$0.1 apiece. The catch: almost no existing shareholders took part. A placing agent had to find new buyers for about 92% of the shares.
Why now? Two months earlier, CMON held around $368,000 — by its own estimate, less than a month of running costs. The prospectus said equity via the rights issue was "the only viable way" to shore up its capital base without adding debt, given high interest rates (translated from German).
What changed? The share count jumped from 61,920,000 to 247,680,000, leaving new holders with 69.18%. Chairman and co-chief executive officer Ng Chern Ann was diluted from 20.08% to 5.02%. Yip Ka Ki Cherry took the largest new stake, roughly 19% from under 4.8% before.
Where the money goes: The prospectus splits the sum four ways — 40% for 12 months of working capital, 20% to repay debt, 25% for growth including marketing in Europe, Japan, and the Philippines, and 15% for possible digital acquisitions in Asia-Pacific. Physical games remain the core business.
What the cash can't fix: The $19 million is nearly double CMON's 2025 revenue of $9.9 million, itself down 73% from $37.3 million a year earlier. The company posted a $19.9 million loss for 2025, and headcount fell from 81 to 41. Auditor Zhonghui AndaDealroom has a profile for this one. Try Dealroom → flagged "material uncertainty" that "may cast significant doubt" on the firm's ability to continue as a going concern (translated from German).
Any bright spots? The first half of 2026 improved: the loss narrowed to just over $2 million from nearly $7 million a year earlier, and revenue rose to $3.68 million. Asia now accounts for over 55% of sales, while Europe has shrunk to $982,000.
The signal: CMON has spent recent years shedding assets — selling brand rights including Zombicide and Blood Rage for about $5.1 million and its Singapore headquarters for roughly $2.4 million. This raise buys runway, but with new investors now in control and revenue a fraction of its peak, the harder question is whether the publisher can rebuild a business its own auditor has doubts about.
Read more: brettspiel-news.de
Image credit: mchenryarts
