Remark Holdings, Inc. (MARK) stock soared 9.63% in the current-market trading session at the price of $1.04 after launching an upgraded KanKan AI Platform for campus management. Remark Holdings presents an integrated suite of AI solutions to businesses and organizations to solve problems, overcome risk and achieve positive results.
MARK Launched Upgraded AI Platform
On 12th October 2021, MARK launched an updated KanKan AI Platform for school campus management. The program aims to meet the educational reforms and technology demands of Chinese schools. The company had also announced the extension of its distributor network. It had added five new resellers in existing and new territories in China. MARK intends to install its program worth $18 million in more than 3,000 of those schools.
Chief Executive Officer of MARK, Kai-Shing Tao, remarked that their technicians have been developing a proprietary program to help automate several functions previously performed by teachers and administrators in the schools. They have planted initial systems in more than 300 schools throughout China. It includes 135 schools in Hangzhou City that cover 70% of the schools in the Xihu District. MARK expects to replicate this successful program in more areas of Hangzhou by the coming year. It is also planning to plant this system in major cities like Shanghai, Nanjing, Chengdu, and Chongqing. The company is on its way to add 40 more distributors to cover 10,000 schools, Mr. Tao added.
MARK Announced $5.0 Million Private Placement
On 28th September 2021, MARK published that it had entered into a definitive agreement with a single institutional investor. The company will get a private placement of common stocks and warrants to purchase approximately 4,237,290 shares of common stock. The common stock combined purchase price is $1.18 per share. The accompanying warrant for gross proceeds worth $5.0 million before subtracting transaction fees and other estimated expenses. The offered warrants and common stock shares have an exercise price of $1.35 per share and will expire five years from the date of effective registration. The company anticipates using the net proceeds from the private placement for working capital and other corporate purposes. The private placement will close on or about 29th September 2021 and is subject to satisfactory closing conditions.