Business
/C O R R E C T I O N -- Remark Holdings, Inc./
/C O R R E C T I O N -- Remark Holdings, Inc./.
About this update from Remark Holdings, Inc.
[{"type":"text","content":"\n\n\n\n/C O R R E C T I O N -- Remark Holdings, Inc./\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n/C O R R E C T I O N -- Remark Holdings, Inc./\nPR Newswire\nLAS VEGAS, Aug. 7, 2024\n\n\n\nIn the news release, Remark Holdings Enters into Debt Exchange Agreement with Mudrick Capital Management, L.P., Resolving All Previous Default Issues, issued 07-Aug-2024 by Remark Holdings, Inc. over PR Newswire, we are advised by the company that the press release has been updated. The complete, corrected release follows:\n\nRemark Holdings Resolves Debt Default\n\n\nRemark Holdings and Mudrick Capital Management LP Enter into Agreement That Will Allow Mudrick to Benefit from Remark's Success\nLAS VEGAS, Aug. 7, 2024 /PRNewswire/ --Remark Holdings, Inc. (OTCQX: MARK), a leading provider of artificial intelligence solutions, today announced that it has entered into an agreement with Mudrick Capital Management L.P. that will exchange the existing non-convertible notes payable that Remark issued to Mudrick for debentures that are convertible into Remark's common stock. The exchange agreement will resolve Remark's events of default related to the existing non-convertible notes payable.\n\"We want to thank Mudrick Capital for working with us while we built our business to the point at which we can all experience the fruits of our labor based on the vision we established 10 years ago. Together, we turned our financial challenges into opportunities and now Remark begins the process of transforming our balance sheet to capitalize on our exciting future in AI. Our proprietary, cutting-edge AI-based analytical solutions will very soon be available via Microsoft's Azure Marketplace and Oracle's Cloud Marketplace, which will enable us to rapidly scale up our customer base globally. This will allow us to re-list on a national exchange sooner rather than later,\" said Kai-Shing Tao, Chairman and CEO of Remark Holdings.\n\"The agreement we reached will allow Remark to meet their obligation to us more rapidly while allowing Remark to execute on their promis...