In its initial month under the new team, the Company reports $5.1 million in cash on the balance sheet and an approximate 30% reduction in monthly cash burn
WEST PALM BEACH, Fla., Sept. 11, 2026 (GLOBE NEWSWIRE) -- FingerMotion, Inc. (Nasdaq: FNGR) ("FingerMotion" or the "Company") today reported improvements completed in the first 30 days under new management, including strengthened liquidity, improved operating discipline, capital-markets activity, and a new strategic direction.
Liquidity
As of the date of this release, the Company reports:
- Cash and cash equivalents of approximately $5.1 million.
The improved cash position reflects recent financing activity, including the Company's registered direct offering completed on August 31, 2026, together with tighter working-capital management.
Operating efficiencies and cash burn
In its first 30 days, new management implemented a company-wide efficiency program focused on overhead, vendor spend, and non-core costs. FingerMotion also reduced monthly cash burn by nearly 30%. The Company intends to continue identifying additional cost and process improvements as it reallocates resources toward its North American enterprise compute strategy.
Termination of at-the-market (ATM) facility
The Company confirmed that it has terminated its at-the-market issuance sales agreement with R.F. Lafferty & Co., Inc., originally dated October 23, 2025. New management determined that, given current market conditions, terminating the ATM was prudent and consistent with a preference for more discrete, negotiated financings in the immediate term.
"Thirty days is a short window, and the team used it to implement a stronger foundation under this company," said Jolie Kahn, Chief Executive Officer. "We have more cash on the balance sheet, we cut monthly burn by nearly 30 percent in our first month, and we terminated the legacy ATM. Those steps create operating room as we concentrate FingerMotion on North American compute infrastructure as the basis of our long term plan."
Chris Polimeni, Chief Financial Officer, added: "In our initial month, the combination of approximately $5.1 million of unrestricted cash and a lower run-rate burn gives us a more durable near-term liquidity profile. We will evaluate future realignment with the same financial discipline-structure, consideration, working-capital effects, and residual liabilities- as we seek to commit to a path to strengthen the Company's balance sheet and build shareholder value."
About FingerMotion, Inc.
FingerMotion, Inc. (Nasdaq: FNGR) is a technology company historically focused on mobile payment, recharge, and data-analytics markets in the People's Republic of China. Under current management, the Company is extending its strategy into enterprise AI and high-performance computing infrastructure in North America, including through its equity interest in Lyken AI Computing Inc., while evaluating a divestiture of its China operations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding cash balances, restricted cash, cash-burn reductions, capital-markets strategy, the termination of the ATM facility, the planned divestiture of China operations, and the Company's North American compute strategy. Forward-looking statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including the Company's ability to sustain reduced cash burn, obtain additional capital on acceptable terms, complete any divestiture, execute its compute strategy, and the risks described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update forward-looking statements except as required by law.
Investor Contact
FingerMotion, Inc.
Investor Relations
IR@fingermotion.com
www.fingermotion.com
