La CMON is one of the few companies that produces and distributes board games to be listed on the stock exchange, and unfortunately on 1 April 2020 its stock received a suspension on the Hong Kong stock exchange. A few days later, all the elements to analyze this situation in detail were made public.
The last few months have been very difficult for the entire global economy and the table games industry has also been deeply affected by the crisis COVID-19. While this may be recognized as one of the key reasons for this troubled time, the whole story actually has its origins before the coronavirus outbreak lockdown.
Fortunately the CMON, as a publicly traded company, it has a clear and well-detailed record of all its financial assets where you can find the latest trades and assets.
On 1 April, trading on the shares of the CMON was suspended from the Hong Kong Stock Exchange because the company delayed the release of its annual results. It appears that behind this delay are “Audit Issues” following which two board members announced their resignations as independent non-executive directors (INED).
Here is a detailed history of the events:
- March 26 - Statement issued regarding the delay in the publication of the annual results
- March 27 - Further statements on delays in publishing annual results
- April 1 - Suspension of the title for CMON on the Hong Kong Stock Exchange
- April 2 - Resignation of a member of INED
- April 3 - Resignation of a member of INED
On 11 April, the CMON published an update of the situation in order to help clarify some technical terms and eliminate all voices of distrust that saw her involved:
In addition to this press release, an update on current open projects followed with detailed updates on their status:
- Starcadia Quest - Fully shipped to backers.
- Blood Rage Digital: physical rewards sent. The digital game has finished beta testing and a launch date will be announced soon.
- Time Machine: partially disbursed. The blockade slowed packing in the US hub and delayed deliveries to Europe.
- Munchkin Dungeon and Project Elite - Traveling to the logistics centers. The company expects to face some delays in Europe as the fulfillment center is not considered an essential service and will not be able to function until the lockdown is lifted
- Marvel United, Bloodborne, Night of the Living Dead, Trudvang Legends and Zombicide 2nd edition they are in various stages of production as scheduled, backers are invited to check the relevant project pages for the latest status updates.
CMON, with the exceptions of COVID-19 freezes, he reassured his players and customers that his business is still running "as usual" and will continue to produce successful games as in previous years.
This period of uncertainty is not good for the company neither in this specific historical context, nor at the dawn of the launch of an important project kickstarter like Ankh. Hopefully CMON can solve these audit problems in a timely manner and return to show the solidity on the table games market to which it has always accustomed its players.
