LAS VEGAS, Jan. 15, 2021 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (Nasdaq:MARA) (“Marathon” or “Company”) today announced the closing of its previously announced registered direct offering of 12,500,000 shares of its common stock at a price of $20.0 per share in the offering. The gross proceeds to the Company were $250.0 million, before deducting placement agent fees and other offering expenses. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The Company intends to use the net proceeds of the offering for general corporate purposes and to fund ongoing operations and expansion of its business. An automatic shelf registration statement on Form S-3 (File No. 333-252053) relating to the offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") on January 12, 2021 and automatically became effective under SEC rules. Such shares may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering of the shares of common stock was filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering of the shares of common stock may be obtained on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail: email@example.com or by telephone: (646) 975-6996. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these shares, nor shall there be any sale of these shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. 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. Among the factors that could cause actual results to differ materially from those projected or suggested are risks and uncertainties associated with market and other conditions. 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. Name: Jason Assad Phone: 678-570-6791 Email: Jason@marathonpg.com
Some left-for-dead penny stocks are now billion-dollar companies, thanks to the rally in the S&P 500 and other indexes.
Shares of bitcoin-mining company Marathon Patent Group (NASDAQ: MARA) came crashing down on Wednesday after the company announced a $250 million stock offering. As of 12:30 p.m. EST, Marathon stock was down 15%. The price of bitcoin has risen dramatically over the last few months, and investors have played this trend by trading penny stocks of bitcoin miners like Marathon, Riot Blockchain, Bit Digital, and others.