Remark Holdings Enters into Debt Exchange Agreement with Mudrick Capital Management, L.P., Resolving All Previous Default Issues
Nyenta.com/10286623

Trending...
~ Las Vegas, Nevada - Remark Holdings, Inc. (OTCQX: MARK), a leading provider of AI-powered computer vision analytics, smart city, and smart agent solutions, has announced a debt exchange agreement with Mudrick Capital Management L.P. The agreement resolves Remark's events of default concerning the existing non-convertible notes payable that the company issued to Mudrick.

Under the terms of the agreement, Mudrick will exchange the non-convertible notes payable for notes payable convertible into shares of Remark's common stock. This will reduce the debt on Remark's balance sheet and strengthen its financial position. The agreement also resolves all currently-outstanding events of default.

"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 confidence to enter into this exchange agreement," says Jason Mudrick, President of Mudrick Capital. "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."

More on Nyenta.com
Mudrick also highlights Remark's potential in the AI industry and compares it to their successful investment in AMC Entertainment. "Remark perfectly fits our investment thesis for finding attractive risk-reward opportunities," he adds.

Kai-Shing Tao, Chairman and CEO of Remark Holdings, expresses gratitude towards Mudrick Capital for working with them while they built their business. "Together, we turned our financial challenges into opportunities," he says. Tao also mentions their plans to re-list on a national exchange in the fall as they reduce their debt and increase shareholder equity.

Mudrick Capital Management L.P. is an SEC-registered investment management firm specializing in stressed and distressed credit investing in the U.S. and European credit markets. With offices in New York and London, they manage approximately $3.3 billion on behalf of global institutional investors. The firm focuses on opportunities across the corporate capital structure to provide equity-like returns with credit-like risk and volatility.

More on Nyenta.com
Founded in 2009, Mudrick Capital has deployed over $12 billion across 300 investments. Led by Chief Investment Officer Jason Mudrick, the team has over 180 years of combined investing experience and has served on over 200 boards of directors and creditors' committees.

Remark Holdings, Inc. is an AI-powered analytics platform that provides valuable insights to video feeds through its integrated suite of AI tools. Their solutions are GDPR-compliant and CCPA-compliant, serving government agencies, hospitality, public safety, retail, and transportation sectors. The company has established sales and marketing relationships with industry giants such as Intel, Microsoft, Nvidia, and Oracle.

With headquarters in Las Vegas and operational offices in New York and international offices in London, Remark Holdings is well-positioned for growth in the AI industry. For more information about the company, please visit their website at www.remarkholdings.com.
Filed Under: Business
Show All News | Report Violation

0 Comments

Latest on Nyenta.com