Marathon Digital Holdings Inc (MARA)

[msl2008]

They didn't use the Fortress money because they already drew it all down. In the 1Q financials, on F-1, they show 9.5 mil of cash. Current liabilities are 15 mil. On F-3, the cash flow statement, you see "Cash received upon issuance of notes payable, net of $400,000 loan fee" of 19.6 mil. Add the $400k in and that gives you 20 mil which is what they drew from Fortress. Fortress is not obligated to give the other 30 mil per F-16 "subject to the achievement of certain milestones, and further contemplates
that Fortress may, but is not obligated to, fund up to an additional $30,000,000, on equivalent economic terms."

With the TPMS patents purchased, I think they're probably on thin ice now cash wise and they had expected either Schrader or Stryker to settle by now and inject some cash.

I'm wondering if the Biomet settlement was a lowball because they need the cash....today's 8k really makes MARA look bad.