Marathon Patent Group Announces Reverse Stock Split
LOS ANGELES, CA -- (Marketwired) -- 10/27/17 -- Marathon Patent Group, Inc. (NASDAQ: MARA) ("Marathon" or "Company"), an IP licensing and management company, today announced that effective at 9:00 a.m., EDT, on October 30, 2017, the Company will effect a four-for-one reverse stock split of its outstanding common stock.
The authority to implement a reverse stock split was approved by the Company's stockholders at the Special Meeting of Stockholders held on July 18, 2017, and the Company's Board of Directors subsequently adopted the reverse stock split. Upon the effectiveness of the reverse stock split, every four shares of issued and outstanding common stock as of the close of business on October 27, 2017 will be combined into one issued and outstanding share of common stock, with no change in par value per share. The Company's common stock will open for trading on Nasdaq on October 30, 2017 on a post-split basis.
The reverse stock split is primarily intended to bring the Company into compliance with the minimum average closing share price requirement for maintaining its listing on the Nasdaq Capital Market. The Company's common stock will continue to trade under the symbol "MARA". New CUSIP is 56585W302
The reverse stock split will reduce the number of shares of the Company's outstanding common stock from approximately 32.4 million shares to approximately 8.6 million shares. Any fractional shares will be rounded up to the nearest whole share.
Shareholders holding share certificates will receive information from Equity Stock Transfer, the Company's transfer agent, regarding the process for exchanging their shares of common stock. Shareholders with questions may contact our transfer agent by calling 212-575-5757.
About Marathon Patent Group, Inc.
Marathon is an IP licensing and management company. The Company acquires and manages IP rights from a variety of sources, including large and small corporations, universities and other IP owners. Marathon has a global focus on IP acquisition and management.
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 and the closing of the transactions. 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.
Marathon Patent Group
Source: Marathon Patent Group
Released October 27, 2017