Remark Holdings, Inc. (Nasdaq: MARK), a diversified global technology company with leading artificial intelligence (“AI”) and digital video analytics solutions, and Mudrick Capital Management, L.P., a New York-based, SEC-registered investment advisory firm with an approximately $3 billion in assets under management have announced their mutual intention to continue their relationship as they work to secure a mutually beneficial amendment to their existing loan agreement.
“We recognize that unforeseen circumstances can sometimes mean that plans need to be adjusted,” said Jason Mudrick, founder and chief investment officer of Mudrick Capital Management, “and we want the companies with which we do business to have the opportunity to be successful while still fulfilling their commitments to us.”
The companies are working to reach an agreement on all the details, with any potential loan modification expected to be made public after the New Year holidays.
“Despite the difficult and unforeseen conditions we have faced over the past year, we have positioned our company on the right path to achieve both growth and profitability in 2023,” said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. “We value Mudrick’s long-term vision and flexibility in working with us to continue to deliver on our business plans while delivering on our commitments to Mudrick.”
