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LONDON, UK / ACCESSWIRE / August 17, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Marathon Patent Group, Inc. (NASDAQ: MARA) ("MARA"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MARA. On August 15, 2017, Doug Croxall, Marathon Patent Group's CEO, addressed the Company's shareholders in a direct communication. The communication to the shareholders provided detailed updates about the steps taken by MARA on debt restructuring and related developments taking place within the Company in recent times. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Restructuring agreement with DBD Credit Funding
Doug disclosed that MARA had entered into a Restructuring Agreement with DBD Credit Funding on August 03, 2017. As per the agreement, MARA will offer three of its most promising portfolios to DBD. The three portfolios to be transferred to DBD are Magnus IP, Traverse Technologies, and Dynamic Advances. In return DBD would take over MARA's existing debt obligation of approximately $16 million. The entire debt will be taken over by a new entity formed and controlled by DBD. As a result, MARA will be able to retire 100% of its long-term debt. Apart from this, MARA will also be free of any funding obligations towards the three portfolios transferred to DBD.
The restructuring of its debts will not only allow MARA to make the Company debt free but also offer an opportunity to have a 45% residual revenue share once DBD recovers its costs, certain management fees, and debt amounts. In the meanwhile, as per terms of the agreement, MARA will have to continue handover any recoveries to DBD till the Restructuring Agreement is completed. The Restructuring Agreement is expected to be completed in Q3 2017 or Q4 2017.
MARA will continue to retain ownership of its other remaining portfolios and will continue enforcing those portfolios.
MARA's agreement with investors for convertible debt financing
Doug also disclosed that MARA had entered into a separate agreement with investors to raise a minimum of $3.5 million, and up to a maximum of $5.5 million via convertible debt financing. The funds raised via the convertible debt financing would be used to help identifying strategic alternatives for the Company and for other business requirements. The fresh capital will be issued to the Company provided MARA manages to restructure its payables and the DBD debt as per the levels mandated by the new investors.
Because of MARA's agreement with DBD and the new investors, the Company would be able to reduce its operating cash requirements and the infusion of fresh capital would ensure that MARA has a strong balance sheet.
Doug also shared that the Company is looking at continuing in the IP Monetization business and in the meanwhile it is exploring other strategic alternatives including potential alternative business directions to expand operations and maximize business' potential for growth.
About Marathon Patent Group
Los Angeles, California based MARA is a patent and patent rights acquisition and licensing Company. MARA buys high-quality patents and manages IP rights from a variety of sources, including large and small corporations, universities and other IP owners. The Company focuses on IP acquisition and management globally. MARA's commercialization division focuses on the entire commercialization lifecycle which includes discovering opportunities, performing due diligence, providing capital, managing development, protecting and developing IP, assisting in execution of the business plan, and realizing shareholder value.
Last Close Stock Review
On Wednesday, August 16, 2017, Marathon Patent's stock closed the trading session at $0.26 with a total volume of 923.24 thousand shares traded. The stock currently has a market cap of $6.10 million.
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SOURCE: Pro-Trader Daily