Global Mofy raises $9.9M in third equity sale in six months
What's the deal? Global Mofy AI, a Beijing-based generative AI and 3D digital asset company listed on Nasdaq, has raised about $9.9 million in a registered direct offering. It sold 45 million Class A ordinary shares at $0.22 each under a Securities Purchase Agreement signed October 30, with closing expected on or around November 6.
How it's structured: The offering is self-underwritten, with no placement agents, underwriter discounts, or commissions. Chief executive officer and chairman Haogang Yang signed the filing, made under an effective Form F-3 registration statement.
Why now? The deal marks Global Mofy's third equity raise in roughly six months. It raised about $8 million in May through a share-and-warrant offering, then roughly $2.04 million in September by selling 3.8 million shares.
What's the endgame? Together, the three offerings bring about $20 million in gross proceeds. The earlier funds were earmarked broadly for working capital, product development, and AI infrastructure, rather than a specific disclosed project.
What could go wrong? Issuing 45 million new shares at $0.22 means substantial dilution for existing holders. The company's shares trade near $1.05, down about 99% over the past year, and it reported a GAAP net loss of $50.7 million for the six months ended March 31, 2026, even as revenue rose 49.4% to $39.9 million.
The signal: Global Mofy's repeated reliance on equity financing—each round at a lower price—points to a scaleup leaning hard on dilutive capital to keep funding growth, rather than a one-off raise tied to a clear milestone.
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