Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 4 - STOCKHOLDERS’ EQUITY

 

Common Stock

 

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

 

On February 11, 2022, we entered into an At The Market Offering Agreement, or sales agreement, with H.C. Wainwright & Co., LLC relating to shares of our common stock. In accordance with the terms of the sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $750,000,000 from time to time through Wainwright acting as our sales agent. As of March 31, 2022, the Company had sold 2,999,644 shares of common stock for an aggregate purchase price of $90.2 million net of offering costs pursuant to this At The Market Offering Agreement.

 

Series B Convertible Preferred Stock

 

As of March 31, 2022, there were no shares of Series B Convertible Preferred Stock outstanding.

 

Series E Preferred Stock

 

There was no Series E Convertible Preferred Stock outstanding as of March 31, 2022.

 

 

MARATHON DIGITAL HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

 

Common Stock Warrants

 

A summary of the status of the Company’s outstanding stock warrants and changes during the three months ended March 31, 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 March 31, 2022     324,375     $ 25.00       3.8  
Warrants exercisable as of March 31, 2022     324,375     $ 25.00       3.8  
                         
The aggregate intrinsic value of warrants outstanding and exercisable at March 31, 2022 was           $ 956,907          

 

Common Stock Options

 

As of March 31, 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 three months ended March 31, 2022 as follows:

 

    Number of Units     Weighted Average Grant Date Fair Value  
Nonvested at December 31, 2021     642,094     $ 35.93  
Granted     665,180     $ 24.64  
Vested     (118,796 )   $ 26.99  
Nonvested at March 31, 2022     1,188,478     $ 25.78  

 

During the first 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 $16.3 million.

 

 

MARATHON DIGITAL HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS