Monday, January 11, 2021 9:40:26 AM
Fiscal Year 2020 Revenue Doubles to $10.0 Million
Board of Directors Approves $30.0 Million Share Repurchase Program
LAS VEGAS, Jan. 11, 2021 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties, today announced that after an initial review of its fourth quarter 2020 performance, revenue for its fourth quarter ending December 31, 2020 is expected to total at least $4.7 million, bringing total revenue in fiscal year 2020 to over $10.0 million, representing a doubling of revenue compared to the $5.0 million recorded in fiscal year 2019. Additionally, Remark announced that its Board of Directors has authorized the future repurchase of up to $30.0 million of the company's shares.
"The current share price reflects the underlying value of Remark's assets or the progress made in our core AI business."
"Our multi-year commitment to building best-of-breed AI-driven computer vision solutions is beginning to gain traction, specifically in the retail, banking and education markets. Business activity has been strong and our Smart Customer Retail Platform has been adopted by several major banks in different regions of China. Smart Community projects are underway and expanding, and the rollout of China Mobile retail stores is expected to accelerate in the coming year," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Finally, I am very pleased to announce Board approval for a stock repurchase program. The buyback plan demonstrates the Board's confidence in our future and commitment to delivering value to all of our shareholders. We do not believe the current share price reflects the underlying value of Remark's assets or the progress made in our core AI business."
Under the terms of the intended program, Remark would repurchase its outstanding common shares from time to time in the open market and in privately negotiated transactions. The timing, price and quantity of purchases under the program will be at the discretion of Remark's management and will depend upon a variety of factors including share price, general and business market conditions, compliance with applicable laws and regulations, corporate and regulatory requirements, and alternative uses of capital. Repurchases would be made in compliance with all Securities and Exchange Commission rules and other legal requirements and may be made in part under a Rule 10b5-1 plan, which permits stock repurchases when the issuer might otherwise be precluded from doing so. The company would fund the intended buyback program with cash from any future asset monetization.
Recent MARK News
- Form 8-K - Current report • Edgar (US Regulatory) • 08/19/2024 08:48:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/19/2024 08:31:28 PM
- Form SC 13G - Statement of Beneficial Ownership by Certain Investors • Edgar (US Regulatory) • 08/15/2024 10:27:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/07/2024 08:33:24 PM
- Form 1-A - Offering Statement [Regulation A] • Edgar (US Regulatory) • 06/06/2024 01:53:39 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/20/2024 08:32:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 08:31:48 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/14/2024 08:11:55 PM
- Form 10-K/A - Annual report [Section 13 and 15(d), not S-K Item 405]: [Amend] • Edgar (US Regulatory) • 04/29/2024 08:26:50 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 04/15/2024 08:54:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 04/15/2024 08:34:50 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 04/12/2024 08:09:38 PM
- Remark Holdings Sets Fiscal Year 2023 Financial Results Call for April 15, 2024, at 4:30 p.m. ET • PR Newswire (US) • 04/08/2024 01:00:00 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 04/02/2024 10:04:11 AM
- Remark AI Launches its Large Multimodal Model (LMM) AI-Powered Aviation Safety Platform (ASP) • PR Newswire (US) • 03/27/2024 01:00:00 PM
- OTC Markets Group Welcomes Remark Holdings Inc. to OTCQX • GlobeNewswire Inc. • 03/08/2024 12:00:00 PM
- Remark Holdings Enters into Cloud Services Agreement with Microsoft • PR Newswire (US) • 02/29/2024 02:01:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 02/16/2024 09:05:59 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 02/15/2024 05:15:33 AM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 02/14/2024 08:51:35 PM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 02/14/2024 05:04:40 PM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 02/14/2024 03:51:56 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 02:22:41 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 02/09/2024 10:10:46 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM