In This Article:
As many as 750,000 Preferred Stock Shares Will be Sold at $100.00 Each, with 30% of Sales Proceeds being Segregated to Secure Payment of Two Years of Dividends
LAS VEGAS, NV / ACCESSWIRE / November 18, 2024 / Remark Holdings, Inc. (OTCQX:MARK), a leading provider of artificial intelligence computer vision solutions, today is launching a $75 million offering of its Series B 15% Cumulative Redeemable Perpetual Preferred Stock. The Series B preferred stock pays a dividend of 15% per annum on a quarterly basis, with 30% of the proceeds of each sale of the Series B preferred stock being segregated to secure payment of the first two years of the dividend. The company is utilizing the offering proceeds to fuel growth and restructure its balance sheet without diluting its common stock.
Remark Holdings' CEO Kai-Shing Tao stated, "Our success in implementing our proprietary AI computer vision technology platform for clients in a variety of industries has put us in position to take advantage of the substantial growth opportunity presented by the more than 100 million legacy, non-AI-enabled cameras in the U.S. alone that can be converted to AI-driven cameras. This capital raise allows us to finance our expansion by capitalizing on our sales and marketing partnerships with Microsoft, Nvidia, Oracle, and Intel."
Key Highlights:
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Offering Terms: Each preferred share is priced at $100. The company will segregate 30% of the proceeds of each sale of the Series B preferred stock to secure payment of the first two years of the dividend.
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Use of Proceeds: Funds raised will be used towards fueling and supporting the growth stemming from sales and marketing partnerships with industry giants Microsoft, Nvidia, Oracle, and Intel as well as addressing the company's growing sales backlog, while strengthening the balance sheet.
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Trading Information: The company intends to list the preferred shares on the OTCQX market.
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Increased Shareholder Equity Leads to Future Stock Uplisting: The offering increases Remark's shareholders' equity without diluting common stock and is expected to satisfy the requirements for a future stock uplisting onto a national securities exchange such as NASDAQ or NYSE.
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Future Outlook: Remark Holdings anticipates that its projected growth will enable the company's operations to sustain dividend payments after the first two years.
Investors interested in further details about the offering can access the Form 1-A/A related to the offering through the investor relations page of the company's website.