Marathon Patent Group (NASDAQ: MARA) recently entered into definitive agreements with investors for the purchase and sale of 3,800,000 shares of common stock at a price of $0.70 per share in a registered direct offering, as well as warrants to purchase up to 2,280,000 shares of common stock at an effective price of $0.01 per warrant with an exercise price of $0.83 per share in a concurrent private placement. Gross proceeds of the offerings are expected to be approximately $2,660,000 before fees, expenses and placement agent discounts. The company plans to use the net proceeds for working capital and other general corporate purposes, including the acquisition of certain patent portfolios. Subject to customary closing conditions, the registered direct offering and the concurrent private placement are expected to close on or about April 21, 2017.
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About Marathon Patent Group, Inc.
Marathon is an IP licensing and commercialization company. The company acquires and manages IP rights from a variety of sources, including large and small corporations, universities and other IP owners. Marathon has a global focus on IP acquisition and management. The company’s commercialization division is focused on the full 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. For more information, visit www.marathonpg.com.
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