Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 8 – STOCKHOLDERS’ EQUITY

 

Common Stock

 

Shelf Registration Statements on Form S-3 and At-The-Market Offering Agreements

 

On February 11, 2022, the Company entered into an At-The-Market Offering Agreement, or sales agreement, with H.C. Wainwright & Co., LLC (“Wainwright”) relating to shares of its common stock. In accordance with the terms of the sales agreement, the Company may offer and sell shares of our common stock having an aggregate offering price of up to $750 million from time to time through Wainwright acting as its sales agent. As of September 30, 2022, the Company had sold 13,459,752 shares of common stock for an aggregate purchase price of $198.7 million net of offering costs pursuant to this At-The-Market Offering Agreement.

 

 

MARATHON DIGITAL HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

 

Series B Convertible Preferred Stock

 

As of September 30, 2022, there were no shares of Series B Convertible Preferred Stock outstanding.

 

Series E Preferred Stock

 

As of September 30, 2022, there were no shares of Series E Convertible Preferred Stock outstanding.

 

Common Stock Warrants

 

A summary of the Company’s issued and outstanding stock warrants and changes during the nine months ended September 30, 2022 is as follows:

 

    Number of Warrants     Weighted Average
Exercise Price
    Weighted Average Remaining Contractual Life
(in years)
 
Outstanding as of December 31, 2021     326,779     $ 25.54       3.5  
Issued     -     $ -       -  
Expired     (2,404 )   $ 52.00       -  
Exercised     -     $ -       -  
Outstanding as of September 30, 2022     324,375     $ 25.00       3.3  
Warrants exercisable as of September 30, 2022     324,375     $ 25.00       3.3  
                         
The aggregate intrinsic value of warrants outstanding and exercisable at September 30, 2022 was           $ -          

 

Common Stock Options

 

As of September 30, 2022 and December 31, 2021, there were no stock options outstanding.

 

Restricted Stock

 

A summary of the restricted stock award activity (represented by restricted stock units (RSUs) for the nine months ended September 30, 2022, as follows:

 

Restricted Stock Units

 

    Number of Units     Weighted Average Grant Date Fair Value  
Nonvested at December 31, 2021     642,094     $ 35.93  
Granted     959,918     $ 12.98  
Vested     (477,380 )   $ 14.87  
Nonvested at September 30, 2022     1,124,632     $ 25.28  

 


During the third quarter of 2022, the Compensation Committee issued grants that will vest over the next four years and result in total stock compensation expense of approximately $2.1 million.

 

 

MARATHON DIGITAL HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS