Marathon Patent Group Announces $250.0 Million Registered Direct Offering of Common Stock
January 12 2021 - 11:59PM
Marathon Patent Group, Inc. (Nasdaq:MARA) (“Marathon” or “Company”)
today announced that it has entered into securities purchase
agreements with several institutional investors for the purchase
and sale in a registered direct offering of 12,500,000 shares of
its common stock at an offering price of $20.0 per share.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds of this offering are expected
to be $250.0 million, before deducting placement agent fees and
other offering expenses payable by Marathon. The Company intends to
use the net proceeds of this offering for general corporate
purposes and to fund ongoing operations and expansion of its
business.
The offering is expected to close on or about
January 15, 2021, subject to satisfaction of customary closing
conditions.
An automatic shelf registration statement on
Form S-3 (File No. 333-252053) relating to the offering of the
shares of common stock described above was filed with the
Securities and Exchange Commission (the "SEC") on January 12,
2021 and automatically became effective under SEC rules. Such
shares may be offered only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A prospectus supplement and the accompanying prospectus
relating to the offering of the shares of common stock will be
filed with the SEC. Electronic copies of the prospectus supplement
and the accompanying prospectus relating to the offering of the
shares of common stock may be obtained, when available, on the
SEC's website at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by e-mail: placements@hcwco.com or by
telephone: (646) 975-6996.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these shares, nor
shall there be any sale of these shares in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
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. Among the factors that could cause actual results to
differ materially from those projected or suggested are risks and
uncertainties associated with market and other conditions, the
completion of the offering and the satisfaction of customary
closing conditions related to the offering. 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.
Name: Jason Assad Phone: 678-570-6791
Email: Jason@marathonpg.com
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