Remark Holdings, Inc., a diversified global technology company with leading artificial intelligence (“AI”) solutions and digital video analytics, and Mudrick Capital Management, L.P., a New York-based, SEC-registered investment advisory firm with approximately three billion dollars under management, have announced their shared intention to continue their business relationship by working to reach a mutually-beneficial amendment of their existing loan agreement.
“We recognize that unforeseen circumstances can, at times, result in a need to adjust plans,” said Jason Mudrick, Founder and Chief Investment Officer of Mudrick Capital Management, “and we want to give the companies with which we do business the opportunity to succeed while also meeting their obligations to us.”
The companies are working to reach agreement on all details, with any potential loan modification expected to be communicated to the public after the New Year holiday.
“Despite the difficult and unforeseen conditions that we have dealt with over the past year, we have put 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 appreciate Mudrick’s long-term vision and flexibility in working with us to allow us to continue to bring our business plans to fruition while meeting our obligations to Mudrick.”
SOURCE: PR Newswire