Marathon Patent Group, Inc. (NASDAQ: $MARA) Announces $5.0 Million Registered Direct Offering
Marathon Patent Group, Inc.
(NASDAQ: $MARA) Announces $5.0 Million Registered Direct Offering
LOS ANGELES - December 12, 2017
(Investorideas.com Newswire) Marathon Patent Group, Inc. (NASDAQ:
MARA) ("Marathon" or
"Company"), an IP licensing and management company, today announced
that it has agreed to sell 1,000,000 shares of its common stock for gross
proceeds of approximately $5.0 million. Each share of common stock is being sold
at a price of $5.00 per share.
The shares were offered and are
being sold to certain accredited investors in a registered direct offering. The
net proceeds from the offering, after deducting estimated offering expenses,
will be approximately $5.0 million. The offering is expected to close on or
about December 14, 2017.
Marathon intends to use the net
proceeds of the offering for working capital and general corporate purposes.
The securities were offered by
means of a shelf registration statement on Form S-3 (File #333-198569) which
was declared effective on January 6, 2015, by the Securities and Exchange
Commission, or SEC. A prospectus supplement and accompanying base prospectus
relating to the offering of the securities will be filed with the SEC and will
be available on the SEC web site at www.sec.gov. Alternatively, Marathon will
arrange to send you the prospectus supplement and accompanying base prospectus
if you request it by calling Marathon at 703-232-1701.
This press release shall not
constitute an offer to sell or a solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
About Marathon Patent Group
Marathon is formerly an IP
licensing company. On November 2, 2017, Marathon announced that it has entered
into a definitive purchase agreement to acquire 100% ownership of Global Bit
Ventures Inc. (“GBV”), a digital asset technology company that mines
cryptocurrencies. The closing of the transaction is subject to obtaining
requisite approvals and customary closing conditions. To learn more about
Marathon Patent Group, visit www.marathonpg.com. To learn more about Global Bit Ventures, visit www.globalbitventures.com
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, as amended, regarding, but not limited to, the amount and
use of proceeds the Company expects to receive from the sale of the shares of
common stock in the registered direct offering, the closing of the offering and
the closing of its acquisition of Global Bit Ventures, Inc. 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
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