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World Chess PLC on Wednesday said it has entered a binding subscription agreement with two strategic investors to raise a total of $2.0 million as it set out plans to consolidate the brand. The London-based chess promoter and tournament organiser will issue 114.3 million new shares at around 1.75 US cents each. World Chess said it will also grant the investors a warrant to subscribe for up to 31 million additional shares at a nominal exercise price of 0.01 pence per share. The warrant can only be exercised if the firm’s online chess platform reaches at least 35,000 paid subscribers by the end of 2026. If the milestone is not reached, then the warrant will lapse. ‘This is a foundational step for World Chess. These investors bring an exceptional track record in marketing and scaling gaming apps - precisely the expertise we need as we shift our focus to rapid growth and monetisation,’ said Chief Executive Officer Ilya Merenzon. ‘Their experience will be instrumental as we expand our global user base, convert more users to pro subscribers, and turn World Chess into a major force in the digital chess economy.’ In a separate release on Wednesday, World Chess said it is consolidating all its consumer-facing assets under the single platform and brand WorldChess.com. ‘This strategic alignment is designed to drive marketing efficiency, simplify user acquisition, and support accelerated subscriber growth across the company’s digital ecosystem,’ the company said. It said the move allows streamlined operations and improved unit economics to materially reduce customer acquisition cost and improve retention. The firm said it has nearly 1 million registered users and recurring subscription revenue. Looking ahead, World Chess said additional product updates and monetisation features are planned for the second half of the year. ‘By bringing everything under a single brand, we’re not just simplifying operations - we’re unlocking growth. World Chess is one of the core brands in the global chess economy, synonymous with design excellence, product innovation, and the unexpected joy of the game. This move sets the stage for what comes next,’ said CEO Merenzon. World Chess shares were down 9.7% at 1.58p in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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