Remark Holdings Enters into Debt Exchange Agreement with Mudrick Capital Management, L.P., Resolving All Previous Default Issues
Remark Holdings (OTCQX: MARK) has entered into a debt exchange agreement with Mudrick Capital Management, resolving previous default issues. The agreement allows Mudrick to convert $19 million of debt and accrued interest into Remark's common stock, reducing the company's debt. This move is expected to strengthen Remark's balance sheet and allow Mudrick to participate in the company's equity upside.
Remark's CEO, Kai-Shing Tao, expressed gratitude for Mudrick's cooperation and highlighted the company's intention to re-list on a national exchange in the fall. Jason Mudrick, President of Mudrick Capital, cited Remark's clear business plan and recent partnerships with tech giants as factors contributing to their confidence in the agreement.
Remark Holdings (OTCQX: MARK) ha stipulato un accordo di scambio di debito con Mudrick Capital Management, risolvendo problemi di insolvenza precedenti. L'accordo consente a Mudrick di convertire 19 milioni di dollari di debito e interessi accumulati in azioni ordinarie di Remark, riducendo così il debito dell'azienda. Questa mossa dovrebbe rafforzare il bilancio di Remark e permettere a Mudrick di partecipare all'apprezzamento delle azioni dell'azienda.
Il CEO di Remark, Kai-Shing Tao, ha espresso gratitudine per la cooperazione di Mudrick e ha sottolineato l'intenzione dell'azienda di ritornare a una borsa nazionale in autunno. Jason Mudrick, Presidente di Mudrick Capital, ha citato il chiaro piano aziendale di Remark e le recenti collaborazioni con i giganti della tecnologia come fattori che contribuiscono alla loro fiducia nell'accordo.
Remark Holdings (OTCQX: MARK) ha firmado un acuerdo de intercambio de deuda con Mudrick Capital Management, resolviendo problemas de incumplimiento anteriores. El acuerdo permite a Mudrick convertir 19 millones de dólares de deuda e intereses acumulados en acciones ordinarias de Remark, reduciendo la deuda de la empresa. Se espera que este movimiento fortalezca el balance de Remark y permita a Mudrick participar en el potencial de capital de la empresa.
El CEO de Remark, Kai-Shing Tao, expresó su agradecimiento por la cooperación de Mudrick y destacó la intención de la empresa de volver a cotizar en una bolsa nacional en otoño. Jason Mudrick, presidente de Mudrick Capital, citó el claro plan de negocios de Remark y las recientes asociaciones con gigantes tecnológicos como factores que contribuyen a su confianza en el acuerdo.
Remark Holdings (OTCQX: MARK)는 Mudrick Capital Management와 채무 교환 계약을 체결하여 이전의 채무 불이행 문제를 해결했습니다. 이 계약은 Mudrick이 1,900만 달러의 채무와 축적된 이자를 Remark의 보통주로 전환할 수 있도록 하여 회사의 채무를 줄입니다. 이 조치는 Remark의 재무 상태를 강화할 것으로 예상되며 Mudrick이 회사의 자본 상승에 참여할 수 있도록 합니다.
Remark의 CEO인 Kai-Shing Tao는 Mudrick의 협력에 감사의 뜻을 표하며 회사의 가을에 국가 거래소에 재상장할 계획을 강조했습니다. Mudrick Capital의 회장인 Jason Mudrick는 Remark의 명확한 사업 계획과 최근 기술 대기업과의 파트너십이 그들의 계약에 대한 확신에 기여하는 요인이라고 언급했습니다.
Remark Holdings (OTCQX: MARK) a conclu un accord d'échange de dettes avec Mudrick Capital Management, résolvant ainsi des problèmes de défaut antérieurs. Cet accord permet à Mudrick de convertir 19 millions de dollars de dettes et d'intérêts accumulés en actions ordinaires de Remark, réduisant ainsi la dette de l'entreprise. Ce mouvement devrait renforcer le bilan de Remark et permettre à Mudrick de participer à l'augmentation du capital de l'entreprise.
Le PDG de Remark, Kai-Shing Tao, a exprimé sa gratitude pour la coopération de Mudrick et a souligné l'intention de l'entreprise de se réinscrire sur une bourse nationale à l'automne. Jason Mudrick, Président de Mudrick Capital, a cité le plan d'affaires clair de Remark et les récentes partenariats avec des géants de la technologie comme des facteurs contribuant à leur confiance dans l'accord.
Remark Holdings (OTCQX: MARK) hat eine Schuldenumtauschangelegenheit mit Mudrick Capital Management abgeschlossen, um frühere Zahlungsausfälle zu lösen. Diese Vereinbarung ermöglicht es Mudrick, 19 Millionen Dollar Schulden und aufgelaufene Zinsen in Stammaktien von Remark umzuwandeln, wodurch die Schulden des Unternehmens reduziert werden. Dieser Schritt wird voraussichtlich die Bilanz von Remark stärken und Mudrick die Teilnahme am Aktienaufstieg des Unternehmens ermöglichen.
Der CEO von Remark, Kai-Shing Tao, äußerte Dankbarkeit für die Zusammenarbeit mit Mudrick und hob die Absicht des Unternehmens hervor, im Herbst an einer nationalen Börse neu gelistet zu werden. Jason Mudrick, Präsident von Mudrick Capital, nannte den klaren Geschäftsplan von Remark und die jüngsten Partnerschaften mit Technologieriesen als Faktoren, die zu ihrem Vertrauen in die Vereinbarung beitragen.
- Conversion of $19 million debt to equity, reducing balance sheet liabilities
- Resolution of all outstanding default events
- Potential strengthening of balance sheet and shareholder equity
- Plans to re-list on a national exchange in the fall
- Recent partnerships with Intel, Microsoft, Nvidia, and Oracle
- Current listing on OTCQX market, indicating previous delisting from major exchanges
- Existence of significant debt and past default issues
- Remark Holdings and Mudrick enter into an agreement that allows for the exchange of Mudrick's currently non-convertible notes payable from Remark for convertible notes payable that allow Mudrick to participate in Remark's equity upside
- Mudrick can convert the current
$19 million
"We are pleased to enter into a win-win agreement with Remark because the company has outlined a clear business plan over the next 24 months that gives us the confidence to enter into this exchange agreement. The agreement resolves all currently-outstanding events of default, but more importantly, as we convert the debt to equity, Remark's balance sheet will be strengthened and we will be able to participate in Remark's future potential. The recent sales and marketing partnerships announced with Intel, Microsoft, Nvidia, and Oracle coupled with a cutting-edge product roadmap, support a strong pipeline for the second half of 2024 and beyond, as Remark's AI products are sold by the salespersons and in the marketplaces of such heavy hitters in the industry. Previously, we successfully worked with other attractive risk-reward opportunities such as AMC Entertainment, whose balance sheet had been temporarily impaired despite strong business prospects. Remark perfectly fits our investment thesis for finding similar attractive risk-reward opportunities," says Jason Mudrick, President of Mudrick Capital.
"We want to thank Mudrick Capital for working with us while we built our business to the point at which we can all experience the fruits of our labor based on the vision established 10 years ago. Together, we turned our financial challenges into opportunities and now Remark begins the process of transforming our balance sheet to capitalize on our exciting future in AI. As we reduce our debt and increase our shareholder equity, we intend to re-list on a national exchange in the fall," said Kai-Shing Tao, Chairman and CEO of Remark Holdings.
About Mudrick Capital Management, L.P.
Mudrick Capital Management, L.P. is an SEC-registered investment management firm specializing in stressed and distressed credit investing in the
Founded in 2009, Mudrick Capital has deployed over
About Remark Holdings, Inc.
Remark Holdings, Inc. (OTCQX: MARK) is the AI-powered analytics platform that brings valuable insights to the video feeds provided by current cameras and computer vision solutions through its integrated suite of AI tools that help organizations understand their customer behavior and demographics while providing real-time alerts to predetermined inspection and security parameters. Remark's international team of sector-experienced professionals has created award-winning GDPR-compliant and CCPA-compliant video analytics solutions that service the government agencies, hospitality, public safety, retail, and transportation sectors. Remark has established sales and marketing relationships with Intel, Microsoft, Nvidia, and Oracle. The company's headquarters are in
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 regulations. 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 Contact
Fay Tian
Vice President of Investor Relations
Remark Holdings
F.Tian@remarkholdings.com
(+1) 626-623-2000
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SOURCE Remark Holdings, Inc.
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