Press Release: Marathon Patent Group Merger Deadline with Global Bit Ventures Expires; Not to Be Extended
LOS ANGELES, June 28, 2018 (GLOBE NEWSWIRE) — Marathon Patent Group, Inc. (Nasdaq:MARA) (“Marathon” or the “Company”), today announced that the Company has determined not to extend the second amended extension date for closing of the Company’s proposed merger with Global Bit Ventures, Inc. (“GBV”) beyond June 28, 2018, the current expiration date.
As stated in the “Amended and Restated Agreement and Plan of Merger” dated April 3, 2018, the Merger and the other transactions contemplated by the Agreement will be closed on or before June 28, 2018 subject to mutual 30 day extensions. Accordingly, as of June 28, 2018 the date set for closing of the merger has expired. The Company anticipates no further action on the matter.
Merrick Okamoto, Marathon’s Chairman and CEO stated, “Due to recent weakness in the bitcoin markets generally, we determined that proceeding with this transaction would not be in the best interests of our shareholders. Accordingly, the Company’s Board of Directors voted unanimously that it would not agree to extend the closing date, nor seek shareholder approval of the transaction.”
Okamoto continued, “Separately, we want to thank Chris Robichaud and Ed Kovalik who have resigned as directors of the Company, for their many years of dedicated service. We wish them well in their future endeavors. We will be immediately commencing a search for replacement independent directors and look forward to announcing them upon the positions being filled.”