Remark Holdings Inc. (MARK) stock increased by a further 4.35% in the aftermarket at $1.20 following the company’s announcement of debt financing. In regular trading, the stock fluctuated between $1.03 and $1.17 to gain 7.48% at the close. After closing at $1.15, the stock continued to gain $0.05 in the after hours.
The artificial-intelligence-based solutions provider Remark Holdings Inc. has a current market capitalization of $112.52 million. Moreover, the company has 105.16 million shares outstanding in the market.
What’s Going On?
MARK stock has traded in the red for the past few days. It has gone down by 8% in the past five trading sessions. While to go a bit more further, the stock has lost 30.72% in the past month and 39.47% year to date.
The stock rebounded in Tuesday’s session to trade in the green. It continued to trade in green in the after-hours when the company announced receiving $30 million of debt financing.
Debt Financing
On December 06, MARK announced that it has entered a debt financing deal with Mudrick Capital Management, L.P. The company intends to use the $30 million financing for paying off debts and liabilities. Moreover, some of the financings will also be used for funding new and existing business initiatives.
The company also shares its intention of investing in NFT and Metaverse businesses, on which updates would be provided soon.
According to CEO Kai-Shing Tao of MARK, the financing will not only let the company raise capital in a non-dilutive manner but also help the company execute its 2022 growth plans.
MARK’s Brighline Collaboration
Previously the company announced that it has entered a collaboration with Brightline for implementing MARK’s Smart Safety Platform (SSP), on November 15. The SSP is an intrusion detection AI which along with the provision of detailed computer vision coverage also provides real-time actionable predictive analysis.
The rail service provider Brightline is the industry’s only modern, eco-friendly and high-speed service. With near-future plans of expansion, the company works between Miami, Fort Lauderdale, and West Palm Beach (Florida), currently.
MARK’s Finances
The company announced its third-quarter financial results for the year 2021, on November 15. The total revenue in the third quarter of 2021, was $1.2 million, against $2.6 million in that of 2020.
Moreover, MARK had a net income of $72.7 million in the third quarter of 2021, against $4.4 million in the year-ago quarter. Consequently, the net income per diluted share was $0.72 in Q3 2021, against $0.04 in the third quarter of 2020.
