"There is substantial doubt about the Company's ability to continue as a going concern for the next twelve months,"
"Over the long term, what's most exciting to me, and I hope is equally exciting to our investors, are the multiple opportunities to transform the company for substantial growth. We have a strategic advantage from building this company over the last 27 years, and we intend to leverage that legacy and relationship with our community of fans to take advantage of the huge opportunity in the increasingly global world of entertainment and pop culture fandom."
Funko disclosed substantial doubt about its ability to continue as a going concern for the next twelve months, with roughly $241 million at risk of default. The company amended its credit agreement with JPMorgan Chase Bank in July to waive certain requirements and seek time to refinance its debt under more manageable terms. Josh Simon, who joined as CEO in September after five years at Netflix, emphasized urgency around the Make Culture Pop strategy and the need to maintain short-term momentum. The company plans to leverage a 27-year legacy and its fan community to pursue global growth, while financial pressures require refinancing or restructuring to meet liabilities within a year.
Read at Kotaku
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