Mighty Kingdom has asked shareholders for another $1m
The ASX tech stock is embroiled in a legal battle with major shareholder, Shane Yeend.
The video game company has burned through $35m since its 2021 IPO.
It was seen as the big hope for Australia to have a globally significant video game company when it listed on the ASX in 2021, but Adelaide-based Mighty Kingdom is sweating on a last-ditch attempt to secure the funding it needs to avoid going bust.
Chaired by former ABC boss Michelle Guthrie, the game developer has tapped investors for $1 million, saying it is needed to get things ship shape for sale following “unsolicited expressions of interest” in the company.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
