LAS
VEGAS and NEW YORK,
Dec. 20,
2022 /PRNewswire/ -- Remark Holdings, Inc. (Nasdaq:
MARK), a diversified global technology company with leading
artificial intelligence ("AI") solutions and digital video
analytics, and Mudrick Capital Management, L.P., a New York-based, SEC-registered investment
advisory firm with approximately three
billion dollars under management, have announced their
shared intention to continue their business relationship by
working to reach a mutually-beneficial amendment of their existing
loan agreement.
"We recognize that unforeseen circumstances can, at times,
result in a need to adjust plans," said Jason Mudrick, Founder and Chief Investment
Officer of Mudrick Capital Management, "and we want to give the
companies with which we do business the opportunity to succeed
while also meeting their obligations to us."
The companies are working to reach agreement on all details,
with any potential loan modification expected to be communicated to
the public after the New Year holiday.
"Despite the difficult and unforeseen conditions that we have
dealt with over the past year, we have put our company on the right
path to achieve both growth and profitability in 2023," said
Kai-Shing Tao, Chairman and Chief
Executive Officer of Remark Holdings. "We appreciate Mudrick's
long-term vision and flexibility in working with us to allow us to
continue to bring our business plans to fruition while meeting our
obligations to Mudrick."
About Remark Holdings,
Inc.
Remark Holdings, Inc. (Nasdaq: MARK) delivers an integrated
suite of AI solutions that help organizations monitor, understand,
and act on threats in real-time. Remark consists of an
international team of sector-experienced professionals that have
created award-winning video analytics. The company's GDPR-compliant
and CCPA-compliant solutions focus on market sectors including
retail, federal and state governmental entities, public safety,
hospitality, and transportation. Remark maintains its headquarters
in Las Vegas, Nevada with an
additional North American office in New
York, New York and international offices in London, England and Chengdu, China.
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
September 2022, Mudrick Capital
manages approximately $3.3 billion.
Mudrick Capital focuses on opportunities across the corporate
capital structure to find investments with attractive risk-reward
ratios, with the goal of providing equity-like returns with
credit-like risk and volatility in an uncorrelated fashion.
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 the 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
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007
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SOURCE Remark Holdings, Inc.