In the news release, Remark Holdings Enters into Debt Exchange Agreement with Mudrick Capital Management, L.P., Resolving All Previous Default Issues, issued 07-Aug-2024 by Remark Holdings, Inc. over PR Newswire, we are advised by the company that the press release has been updated. The complete, corrected release follows:
Remark Holdings Resolves Debt Default
Remark Holdings and Mudrick Capital Management LP Enter into Agreement That Will Allow Mudrick to Benefit from Remark's Success
LAS VEGAS
, Aug. 7, 2024 /PRNewswire/ --Remark Holdings, Inc. (OTCQX: MARK), a leading provider of artificial intelligence solutions, today announced that it has entered into an agreement with Mudrick Capital Management L.P. that will exchange the existing non-convertible notes payable that Remark issued to Mudrick for debentures that are convertible into Remark's common stock. The exchange agreement will resolve Remark's events of default related to the existing non-convertible notes payable.
"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 we 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. Our proprietary, cutting-edge AI-based analytical solutions will very soon be available via Microsoft's Azure Marketplace and Oracle's Cloud Marketplace, which will enable us to rapidly scale up our customer base globally. This will allow us to re-list on a national exchange sooner rather than later," said Kai-Shing Tao, Chairman and CEO of Remark Holdings.
"The agreement we reached will allow Remark to meet their obligation to us more rapidly while allowing Remark to execute on their promising business plan to capitalize on the growth trajectory of AI," said Jason Mudrick, the founder and Chief Investment Officer of Mudrick Capital Management LP.
About Remark Holdings, Inc.
Remark Holdings, Inc. (OTCQX: MARK), a member of the Oracle Partner Network, is the U.S.-based company that developed and sells 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. The company's headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit our home page at www.remarkholdings.com
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.
