Remark Holdings Inc. (NASDAQ: MARK) stock gained by 7.48% at last close while the MARK stock price surged by 3.48% in the pre-market trading session. Remark Holdings provides a comprehensive set of artificial intelligence (AI) products that help businesses and organizations solve problems, decrease risk, and achieve good outcomes.
MARK stock’ Development
Mudrick Capital Management, L.P., and Remark Holdings revealed that they have signed a $30 million debt financing agreement. The funds will be used to pay down debts and liabilities, offer working capital for ongoing projects, and finance new business initiatives, such as infrastructure, security, and data analytics, as well as invest in and build the NFT and Metaverse businesses. In the following weeks, they expect to provide more details about our NFT and Metaverse enterprises.
Kai-Shing Tao, Chairman and CEO of Remark Holdings commented that,
They’re delighted to be partnering with an investor who has a track record of spotting underrated businesses and offering technical financing and industry experience to assist them to acquire and building opportunities in the big total addressable markets that they’re targeting. This financing arrangement enables them to finance capital in a non-dilutive way, preserving shareholder value and, more crucially, providing the money required to realize their 2022 growth ambitions. By striving to operationally deploy in the security, transportation, and public safety areas, they are well-positioned to reap the advantages of the infrastructure bill in 2022. In the coming weeks, they’ll have more information on their NFT and Metaverse enterprises to share.
How Mudrick Capital Management works?
Mudrick Capital Management is an SEC-registered investment manager that specializes in unique circumstances and event-driven investing. Endowments, foundations, insurance companies, private banks, fund-of-funds, pensions, family offices, and high net worth individuals are among the skilled institutions and individuals for which Mudrick Capital handles capital. Mudrick Capital maintains around $3.5 billion as of October 2021. Mudrick Capital looks for investment options across the corporate capital structure with favorable risk-reward ratios. The idea is to offer uncorrelated equity-like returns with credit-like risk and volatility.