Chariot, the company behind Monday, has drawn up a new business plan and directors Craig Freeman and David Gray, as well as chairman and former National Lottery chief executive Tim Holley, have all resigned from the board.
The initial £15m Chariot raised before launch and as part of its original float ran low after its marketing campaign failed to have the expected impact. The first draw was also delayed after the online system crashed.
Chariot's shares slumped 63% to just 8p following Chariot's announcement that sales had fallen below expectations, having hit a 210p high in April and originally floating at 115p. New directors have now announced extra conditional fundraising of £2.59m from placing shares on the market at just 5p each.
New chairman Peter Jones remained optimistic about the lottery's future and said: "We will look to build ticket sales over coming months."