Marathon Patent Group Regains Compliance with NASDAQ Listing Requirements

Rhea-AI Summary

Marathon Patent Group, Inc. (NASDAQ: MARA) announced on August 21, 2020, that it has regained compliance with NASDAQ Listing Rule 5550(a)(2). This follows a notification of non-compliance received on April 6, 2020, due to a closing bid price below $1 for 30 consecutive days. The company has maintained a minimum bid price of $1.00 per share for the last 20 consecutive business days, which allowed for the reinstatement. Marathon highlights the inherent risks associated with investing and the potential impacts of mining difficulty and Bitcoin hashrate on future performance.

Positive

• Regained compliance with NASDAQ Listing Rule 5550(a)(2) after maintaining a minimum bid price of $1.00 per share for 20 consecutive business days.
• Resolved previous non-compliance issue reported on April 6, 2020.

Negative

• Past non-compliance with NASDAQ rules could impact investor confidence.
• Future performance is subject to changes in network-wide mining difficulty and Bitcoin hashrate.

LAS VEGAS, Aug. 21, 2020 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ: MARA) ("Marathon" or "Company"), one of the few NASDAQ listed cryptocurrency mining companies in the United States, today announced that it received formal notification from The NASDAQ Stock Market LLC ("NASDAQ") that the Company has regained compliance with Listing Rule 5550(a)(2), which requires the Company's common stock to maintain a minimum bid price of $1.00 per share. The NASDAQ staff made this determination of compliance after the closing bid price of the Company's common stock was at $1.00 per share or greater for the last 20 consecutive business days.

NASDAQ had previously notified the Company of its non-compliance with Listing Rule 5550(a)(2) on April 6, 2020, following 30 consecutive business days for which the closing bid price of the Company's common stock did not meet the $1.00 per share minimum requirement.

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.

Future changes in network-wide mining difficulty rate or Bitcoin hashrate may also materially affect the future performance of Marathon's production of Bitcoin.

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

FAQ

What does the NASDAQ compliance mean for Marathon Patent Group (MARA)?

Regaining NASDAQ compliance indicates that Marathon's stock price has met the minimum requirement of $1.00 per share, which helps maintain its listing on the exchange.

When did Marathon Patent Group (MARA) receive notification of non-compliance?

Marathon received a notification of non-compliance on April 6, 2020, due to its stock price falling below $1.00 for 30 consecutive business days.

How long did Marathon Patent Group (MARA) maintain a stock price above $1.00?

The company maintained a closing bid price of $1.00 or greater for 20 consecutive business days to regain compliance.

What risks should investors consider when investing in Marathon Patent Group (MARA)?

Investors should consider risks related to market conditions, Bitcoin mining difficulty rates, and overall financial performance, as highlighted in their Annual Report.