Board game publisher CMON has moved to address ongoing delays to its crowdfunding campaigns, announcing a finalised fulfilment plan for 2026 just a day after revealing a significant share placement to raise working capital.
While the publisher’s update to backers emphasises a “concrete roadmap” and “moving parts”, financial disclosures made to the Hong Kong Stock Exchange offer a clearer picture of the machinery operating behind the scenes. On 19 January, CMON announced it would place up to 10.32 million new shares at a discount, aiming to raise approximately HK$7.9 million (roughly £800,000) in net proceeds.
The Financial Context
For backers awaiting projects, the juxtaposition of these two announcements provides vital context. In a frank update posted on 20 January, the publisher acknowledged that many supporters have been “waiting far longer than expected”.
The newly revealed fulfilment strategy relies on several financial levers. CMON explicitly stated it is “actively pursuing” IP sales or licensing opportunities to ensure delivery, citing the successful transfer of titles such as Zombicide: White Death and Death May Die: Forbidden Reaches as precedent. The company also noted that it would deliver in batches, using retail sales of existing stock to fund the manufacturing of outstanding products.
Crucially, the share placement sees the company issuing new equity at HK$0.80 per share, which is a discount of nearly 20% compared to recent market prices. The influx of cash is earmarked entirely for “general working capital,” a move that aligns with the publisher’s stated refusal to ask backers for additional contributions to cover manufacturing costs.
Strategies for Delivery
The announcement attempts to draw a line under a period of uncertainty. “We now have a concrete roadmap forward rather than uncertainty,” the update claims, though specific dates for individual campaigns remain forthcoming.
The publisher has outlined a three-pronged approach to clearing its backlog:
- Asset Liquidation: Selling or licensing intellectual property to other entities.
- Retail Subsidisation: generating immediate cash flow through retail channels to pay for production.
- Phased Logistics: A closer collaboration with manufacturing partners to sequence production in manageable batches.
This “rob Peter to pay Paul” approach, using retail revenue to fulfil crowdfunding debts, is not uncommon in the tabletop industry, though it is rarely openly admitted. It highlights the cash-flow intensity of the current manufacturing climate, where shipping and production costs have remained volatile.
A Promise to Backers
Perhaps addressing the elephant in the room, following high-profile collapses and “contribution requests” from other publishers in the sector, CMON was emphatic on one point: “We are not asking backers for additional money.”
The company insists the responsibility for fulfilment rests solely with them. “We are committed to delivering your games no matter what, even if it requires alternative approaches to get there,” the statement read.
For gamers looking to pick up CMON’s available titles without the wait, retailers like Zatu Games and Magic Madhouse currently stock a range of their released box sets, including the Zombicide and Marvel United lines.
Analysis
The timing of the share placement and the backer update is unlikely to be coincidental. By securing fresh capital from independent investors, CMON appears to be shoring up its balance sheet to execute this 2026 plan. While the dilution of shares might concern investors, for the average gamer waiting on a pledge, the injection of liquid cash is arguably a positive sign that the “concrete roadmap” has a financial foundation, however precarious it may look from the outside.
