MARATHON PATENT GROUP, INC. (NASDAQ:MARA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On December 18, 2017, Marathon Patent Group, Inc., a Nevada corporation (the “Company”) entered into securities purchase agreements with select accredited investors relating to the Company’s registered direct offering, issuance and sale (the “Offering”) of 1,354,546 shares (the “Shares”) of the Company’s common stock, $0.0001 par value per Share. The purchase price per Share was $5.50. The Company has not engaged an underwriter or placement agent in connection with the Offering.
Proceeds from the Offering shall be used for working capital and general corporate purposes.
The net proceeds to the Company from the Offering are expected to be approximately $7,432,000. The Offering is expected to close on or before December 21, 2017.
The Shares were issued to the Company’s previously filed and effective Registration Statement on Form S-3 that was originally filed with the Securities and Exchange Commission on September 14, 2014 and declared effective on January 6, 2015 (File No. 333- 198569). The Company filed a prospectus supplement related to the registered direct offering dated December 18, 2017.
The foregoing summary of the terms of the Securities Purchase Agreement are subject to, and qualified in their entirety by, such document attached hereto as Exhibit 10.1, and incorporated herein by reference.
A copy of the opinion of Sichenzia Ross Ference Kesner LLP relating to the validity of the issuance and sale of the Shares is attached as Exhibit 5.1 hereto.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
Marathon Patent Group, Inc. ExhibitEX-5.1 2 ex5-1.htm December 19,…To view the full exhibit click here
About MARATHON PATENT GROUP, INC. (NASDAQ:MARA)
Marathon Patent Group Inc. (MARA) is engaged in acquiring patents and patent rights from owners or other ventures. The Company monetizes its portfolio of patents and patent rights by entering into license discussions. The Company owns around 378 United States and foreign patents, and patent rights across a range of technologies and markets. The Company owns around 22 patent applications across a range of technologies and markets.