Product to develop AI activity
LAS VEGAS, December 6, 2021 / PRNewswire / – Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (“AI”) solutions and digital media properties, today announced a $ 30 million debt financing agreement with Mudrick Capital Management, LP. and develop the NFT and Metaverse activities.
We look forward to providing additional information on our NFT and Metaverse activities in the coming weeks.
“We are delighted to be working with a well-known investor to recognize undervalued companies and provide the strategic capital and industry expertise to help seize and develop the opportunities in the large addressable markets that we pursue,” said Kai Shing Tao, Chairman and CEO of Remark Holdings. “This credit facility allows us to raise capital on a non-dilutive basis, which protects shareholder value and, more importantly, provides the funds necessary to achieve the growth plans we have set out for 2022. We are doing well. placed to take advantage of the infrastructure law. in 2022 by working on operational deployment in the security, transport and public safety markets. We look forward to providing additional information on our NFT and Metaverse activities in the coming weeks.
About Mudrick Capital Management, LP
Mudrick Capital Management, LP is an SEC registered investment advisor focused on special situations and high value event driven investments. Mudrick Capital manages the capital of a diverse group of sophisticated institutions and individuals, including endowments, foundations, insurance companies, private banks, funds of funds, pensions, family offices and high net worth individuals. From October 2021, Mudrick Capital manages approximately $ 3.5 billion. Mudrick Capital focuses on opportunities through the company’s capital structure to find investments with attractive risk / reward ratios. The aim is to provide equity-like returns with credit-like risk and volatility in an uncorrelated manner.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: BRAND) provides an integrated suite of AI solutions that empower businesses and organizations to solve problems, reduce risk, and achieve positive results. The company’s easy-to-install AI products are deployed in a wide range of applications in retail, finance, public safety and the workplace. The company also owns and operates digital media properties that deliver relevant and dynamic e-commerce and content solutions. The company is headquartered at Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company’s website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, a competitive environment and regulations. Words such as “may”, “should”, “could”, “should”, “foresee”, “potential”, “continue”, “expect”, “anticipate”, “future”, “a l ‘intention to’, ‘plan,’ ‘believes’, ‘estimates’ and similar expressions, as well as statements in the future, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Section 1A. Risk Factors in Remark Holdings’ Annual Report on Form 10-K and Other Documents Filed by Remark Holdings with the SEC. All forward-looking statements reflect Remark Holdings’ current views regarding future events, are based on assumptions, and are subject to risks and uncertainties. In view of these uncertainties, you should not place undue reliance on forward-looking statements, which represent Remark Holdings’ estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings assumes no obligation to publicly update or revise forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
E. Brian harvey, Senior Vice President of Capital Markets and Investor Relations
Note Holdings, Inc.
Vice President of Investor Relations
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SOURCE Note Holdings, Inc.