Marathon Patent Group Regains NASDAQ Compliance
August 21 2018 - 8:30AM
Marathon Patent Group, Inc. (Nasdaq:MARA) (“Marathon” or the
“Company”), today announced it has received formal notification
from the Listing Qualifications Department of The NASDAQ Stock
Market ("NASDAQ") notifying Marathon that it has regained
compliance with Listing Rule 5605(b)(1) and 5605(c)(2) for
continued listing on The NASDAQ Stock Market, with the appointment
of Michael Berg and S. Michael Rudolph, and that the matter is now
closed. The Company’s common stock will continue to trade on
NASDAQ.
On July 10, 2018, the Company was notified by the NASDAQ Stock
Market that it no longer complied with the independent director
position committee requirements of Listing Rules 5605(b)(1). The
Company previously announced its plans to regain compliance through
the appointment of two new independent directors to the
Board.
Mr. Michael Berg has been a practicing accountant for over 30
years. He was an audit manager for Coopers & Lybrand (now
PWC) in San Francisco and was the cofounder and served as the West
Coast PIC of PMB Helin Donovan, a 100+ person CPA firm. Michael was
the CFO of a public real estate company and a high-tech
manufacturer and a research and development company. Michael has
worked extensively with public companies and has participated in
many public offerings in national markets. Michael will become the
Chair of the Independent Audit Committee.
Mr. S. Michael Rudolph is President and CEO of The Edgehill
Group, a proven leader with considerable senior management
experience in financial services as well as having had a variety of
diverse assignments in high technology businesses. Experience spans
startups through large public companies. Specialties include: hedge
funds, startup experience, turnaround situations, investment
management and banking.
Merrick Okamoto, Marathon’s Chairman and CEO stated, “We’re
pleased to announce our regaining compliance with NASDAQ with the
addition of two highly qualified executives to our Board of
Directors. I look forward to working with them with a goal of value
creation for our shareholders.”
Investor Notice
Investing in our securities involves a high degree of risk.
Before making an investment decision, you should carefully consider
the risks, uncertainties and forward-looking statements described
under "Risk Factors" in Item 1A of our most recent Annual Report on
Form 10-K for the fiscal year ended December 31, 2017. If any of
these risks were to occur, our business, financial condition or
results of operations would likely suffer. In that event, the value
of our securities could decline, and you could lose part or all of
your investment. The risks and uncertainties we describe are not
the only ones facing us. Additional risks not presently known to us
or that we currently deem immaterial may also impair our business
operations. In addition, our past financial performance may not be
a reliable indicator of future performance, and historical trends
should not be used to anticipate results in the future. See "Safe
Harbor" below.
Forward-Looking Statements
Statements made in this press release include forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934. Forward-looking statements can be identified by the use of
words such as “may,” “will,” “plan,” “should,” “expect,”
“anticipate,” “estimate,” “continue,” or comparable terminology.
Such forward-looking statements are inherently subject to certain
risks, trends and uncertainties, many of which the Company cannot
predict with accuracy and some of which the Company might not even
anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider the factors listed above
together with the additional factors under the heading “Risk
Factors” in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
CONTACT INFORMATION
Name: Jason Assad Phone: 678-570-6791 Email:
Jason@marathonpg.com
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