Marathon Digital Holdings Appoints Doug Mellinger to its Board of Directors
Marathon Digital Holdings (NASDAQ: MARA) announced the appointment of Doug Mellinger to its board of directors, effective March 31, 2022. This expands the board to seven members, with six being independent. Mellinger brings extensive experience in technology and finance, having led and invested in various public and private companies. His prior roles include managing director at Clarion Capital Partners and founding enherent Corp. The company expects Mellinger's expertise to enhance its leadership as it aims to strengthen its position in Bitcoin mining.
- Doug Mellinger's extensive leadership experience and entrepreneurial success may enhance Marathon's strategic direction.
- The diverse skill set Mellinger brings could strengthen Marathon's efforts to scale operations efficiently in the Bitcoin mining sector.
- Concerns about board continuity and potential experience gaps due to the recent appointment could arise.
LAS VEGAS, March 31, 2022 (GLOBE NEWSWIRE) -- Marathon Digital Holdings, Inc. (NASDAQ:MARA) ("Marathon" or "Company"), one of the largest enterprise Bitcoin self-mining companies in North America, has appointed Doug Mellinger to its board of directors, effective March 31, 2022. As a result, Marathon’s board of directors now consists of seven directors, including six independent directors and one inside director.
Doug Mellinger is an active entrepreneur, philanthropist, impact investor, and board member, with extensive experience building and leading public and private companies in the technology and financial industries. Mellinger is a managing director at Clarion Capital Partners, a lower middle market private equity and structured credit asset management company. He currently serves on the board of directors of Foundation Source, a leading provider of outsourced services and technology for private foundations which he co-founded in 2000; the board of directors of Campden Wealth and IPI (Institute for Private Investors), the largest global membership organization for wealthy families and their family offices; and the board of directors of International Education Corporation (IEC), one of the nation’s largest career education colleges. Prior to Clarion Capital Partners, Mellinger was a partner at Palm Ventures and a managing partner at Zeno Ventures. He founded and served as the chairman and CEO of enherent Corp, a global software development and services company that was listed as an Inc. 500 company twice and was featured on Deloitte & Touche’s Technology Fast 500 and Fast 50 lists. Throughout his career, Mellinger has served on the boards of numerous companies and organizations, including Edgar Online, Sequest Technologies, Producteev, Schiller International, Young Entrepreneur’s Organization (YEO), and Young President’s Organization (YPO), among others. He has also served on several advisory boards and boards to government agencies, universities, and non-profit organizations over the past 40 years. Mellinger holds a degree in entrepreneurial science from Syracuse University.
“Doug’s extensive leadership experience and his proven track record of creating value as an entrepreneur and an advisor make him uniquely suited to join Marathon’s board of directors,” said Fred Thiel, Marathon’s chairman and CEO. “We are confident that his expertise will be beneficial to our organization as we endeavor to expand Marathon’s position as a leader among Bitcoin miners. I’d like to officially welcome him to the board of directors.”
Doug Mellinger commented, “The team at Marathon has done an excellent job establishing a business that is asset light, operationally effective, and uniquely capable of efficiently scaling. I look forward to leveraging my expertise and experience building companies on the cutting edge of their industries to help Marathon’s senior management team continue their mission of building Marathon into one of the most innovative companies within this new and growing sector.”
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, 2021. 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. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate may also materially affect the future performance of Marathon's production of Bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of March 2022. The total network’s hash rate data is calculated from a third-party source, which is available here: https://www.blockchain.com/charts/hash-rate. Data from third-party sources has not been independently verified. 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.
About Marathon Digital Holdings
Marathon is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Marathon Digital Holdings Company Contact:
Telephone: 800-804-1690
Email: ir@marathondh.com
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