LAS VEGAS, Dec. 7, 2017 /PRNewswire/ — Remark Holdings, Inc. (NASDAQ: MARK), a global digital media and technology company, has entered into an amended financing agreement (originally dated September 24, 2015) with its lenders that modified certain financial covenants under the agreement, including:
Replacing the covenant regarding consolidated EBITDA of Remark Holdings and its subsidiaries with a covenant regarding consolidated gross revenue of its KanKan Artificial Intelligence business; Modifying the covenants regarding consolidated EBITDA of Vegas.com and its subsidiaries and the value of certain of its assets; and Increasing the amount Remark Holdings is permitted to invest in non-U.S. subsidiaries operating its KanKan business, subject to certain conditions.
“The amended agreement is now more closely aligned with Remark’s core growth strategy,” said company Chairman and Chief Executive Officer, Kai-Shing Tao. “We are confident in our ability to comply with these modified covenants and also look forward to the additional opportunities and capacity we now have to further invest in the long-term growth of our KanKan Artificial Intelligence Platform.”
For additional details of the amended financing agreement, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on December 5, 2017, which is available here.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) primarily focuses on the development and deployment of artificial-intelligence-based solutions for businesses and software developers in many industries. Additionally, the company owns and operates digital media properties that deliver relevant, dynamic content. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company’s website at www.remarkholdings.com.
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