LAS VEGAS, Dec. 6, 2021 /PRNewswire/ -- Remark
Holdings, Inc. (NASDAQ: MARK), a diversified global technology
company with leading artificial intelligence ("AI") solutions and
digital media properties, today announced a $30 million debt financing deal with Mudrick
Capital Management, L.P. The financing will be used to pay off
certain debts and liabilities, provide working capital for existing
projects, and to fund new business initiatives, including
opportunities in infrastructure, security and data analytics, as
well as invest in and grow NFT and Metaverse businesses.
We look forward to providing additional information on our NFT and
Metaverse businesses in the coming weeks.
"We are excited to be working with an investor that is well
known for recognizing undervalued companies, and providing the
strategic capital and industry expertise to help capture and grow
opportunities in the large total addressable markets we are
pursuing," noted Kai-Shing Tao,
Chairman and Chief Executive Officer of Remark Holdings. "This debt
facility allows us to raise capital in a non-dilutive manner which
protects shareholder value and, more importantly, provides the
funds necessary to achieve the growth plans we have outlined for
2022. We are positioned to gain the benefits of the infrastructure
bill in 2022 by working to operationally deploy in the security,
transportation and public safety markets. We look forward to
providing additional information on our NFT and Metaverse
businesses in the coming weeks."
About Mudrick Capital Management, L.P.
Mudrick Capital Management, L.P. is an SEC-registered investment
advisor focused on special situations and deep value event-driven
investing. Mudrick Capital manages capital for a diverse group of
sophisticated institutions and individuals, including endowments,
foundations, insurance companies, private banks, fund-of-funds,
pensions, family offices and high net worth individuals. As of
October 2021, Mudrick Capital manages
approximately $3.5 billion. Mudrick
Capital focuses on opportunities across the corporate capital
structure to find investments with attractive risk reward ratios.
The goal is to provide equity-like returns with credit-like risk
and volatility in an uncorrelated fashion.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated
suite of AI solutions that enable businesses and organizations to
solve problems, reduce risk and deliver positive outcomes. The
company's easy-to-install AI products are being rolled out in a
wide range of applications within the retail, financial, public
safety and workplace arenas. The company also owns and operates
digital media properties that deliver relevant, dynamic content and
ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations
in Los Angeles, California and in
Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please
visit the company's website at www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements,
including information relating to future events, future financial
performance, strategies, expectations, competitive environment and
regulation. Words such as "may," "should," "could," "would,"
"predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," and similar
expressions, as well as statements in future tense, identify
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, including those
discussed in Part I, Item 1A. Risk Factors in Remark Holdings'
Annual Report on Form 10-K and Remark Holdings' other filings with
the SEC. Any forward-looking statements reflect Remark Holdings'
current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given such
uncertainties, you should not place undue reliance on any
forward-looking statements, which represent Remark Holdings'
estimates and assumptions only as of the date hereof. Except as
required by law, Remark Holdings undertakes no obligation to update
or revise publicly any forward-looking statements after the date
hereof, whether as a result of new information, future events or
otherwise.
Company Contacts
E. Brian Harvey, Senior Vice
President of Capital Markets and Investor Relations
Remark Holdings, Inc.
ebharvey@remarkholdings.com
702-701-9514
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626.623.2000
(+86) 13702108000
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SOURCE Remark Holdings, Inc.