Marathon Digital closes $14.25M private placement of convertible preferred stock

MARA Holdings, Inc.

Gross proceeds of ~$14.25M from 15,000 Series A convertible preferred shares sold at $952.38 each (5% OID).
Each share convertible into common at $14.52/share, subject to stockholder approval of authorized share increase.
Holders may require redemption at 105% of stated value after stockholder approval or 90 days post-closing, until day 120.
H.C. Wainwright acted as placement agent, receiving 4% fee plus $85,000 accountable expenses.
Proceeds used for general corporate purposes if shares converted or not redeemed after 120 days.

item 1.01 item 3.02 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MARA Holdings, Inc.: Filed a certificate of designation for Series A redeemable convertible preferred stock, establishing the terms of the Series A preferred stock (effective 2023-06-06).

Change: charter amendment
Effective: 2023-06-06

Exact text from the filing

On June 6, 2023, the Company filed a certificate of designation for the Series A preferred stock referenced in Item 1.01 with the Secretary of State of the State of Nevada.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MARA Holdings, Inc. entered into securities purchase agreement with H.C. Wainwright & Co., LLC valued at approximately $14.25 million (effective 2023-06-05).

Action: entry
Agreement: equity purchase
Counterparty: H.C. Wainwright & Co., LLC
Value: approximately $14.25 million
Effective: 2023-06-05

Exact text from the filing

On June 5, 2023, Marathon Digital Holdings, Inc. (the “Company”) entered into a securities purchase agreement for the purchase of 15,000 shares of Series A redeemable convertible preferred stock in a private placement.

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MARA Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-020772

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