Marathon Patent Group Inc (NASDAQ:MARA) has announced that it will be selling a total of 1,000,000 shares of its common stock. The transaction is expected to generate gross proceeds amounting to around $5.0 million. Marathon Patent Group is an IP licensing and management company. The company is offering each share of common stock at $5.00 per share.
The company has offered its shares and is selling them to private investors through a registered direct offering. The company expects to generate a total of around $5.0 million from the offering. This is after deducting all the offering expenses. The offering will run up to December 14, 2017. The company will use the proceeds from the offering as working capital as well as general corporate purposes.
In yet another offering, the company sold a total of 1,354,546 shares of its common stock. The offer is expected to generate a total of around $7,450,000 in proceeds. The company will offer its share of common stock at a price of $5.50 per share. These shares are also offered to private investors through a registered private direct offering. The offering closed on December 21, 2017 and generated around $7,450,000.
Marathon is a technology company which specializes in IP licensing. The company on November 2, 2017 announced that it had fully acquired Global Bit Ventures Inc. Global Bit Ventures is a digital asset technology company which specializes in mining cryptocurrencies. The transaction will be closed subject to fulfillment of all statutory requirements and customary closing conditions as well as obtaining all the required approvals.
The company’s stock has in the recent days registered impressive performance with and attracted many people to look for the right avenues of investment. Analysts have been keenly studying the price-volume chart of the stock and a lot of interesting information has been extracted that could help in projecting the movement of the stock in the near future and assist in making investment decisions.
The stock has been trading in bullish manner based on its 20 and 200 day moving averages. The price of the stock went down -10.09% in the last month. Shares have since gone up and outperformed the market by -100%. The stock has also performed above similar companies by 1145%.