Marathon Patent Group, Inc. Announces $5.0 Million Registered Direct Offering
LOS ANGELES, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Marathon Patent Group, Inc. (NASDAQ:MARA), an IP licensing and management company, today announced that it has agreed to sell 1,000,000 shares of its common stock for gross proceeds of approximately $5.0 million. Each share of common stock is being sold at a price of $5.00 per share.
The shares were offered and are being sold to certain accredited investors in a registered direct offering. The net proceeds from the offering, after deducting estimated offering expenses, will be approximately $5.0 million. The offering is expected to close on or about December 14, 2017.
Marathon intends to use the net proceeds of the offering for working capital and general corporate purposes.
The securities were offered by means of a shelf registration statement on Form S-3 (File #333-198569) which was declared effective on January 6, 2015, by the Securities and Exchange Commission, or SEC. A prospectus supplement and accompanying base prospectus relating to the offering of the securities will be filed with the SEC and will be available on the SEC web site at www.sec.gov. Alternatively, Marathon will arrange to send you the prospectus supplement and accompanying base prospectus if you request it by calling Marathon at 703-232-1701.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Marathon Patent Group, Inc.
Marathon is formerly an IP licensing company. On November 2, 2017, Marathon announced that it has entered into a definitive purchase agreement to acquire 100% ownership of Global Bit Ventures Inc. (“GBV”), a digital asset technology company that mines cryptocurrencies. The closing of the transaction is subject to obtaining requisite approvals and customary closing conditions. To learn more about Marathon Patent Group, visit www.marathonpg.com. To learn more about Global Bit Ventures, visit www.globalbitventures.com.
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, the closing of the offering and the closing of its acquisition of Global Bit Ventures, Inc. 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.
Name: Jason Assad
Released December 11, 2017