Form 8-K - Current report
August 08 2023 - 3:06PM
Edgar (US Regulatory)
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2023-08-03
2023-08-03
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 3, 2023
MARATHON
DIGITAL HOLDINGS, INC.
(Exact
Name of Registrant as Specified in Charter)
Nevada |
|
001-36555 |
|
01-0949984 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
101
NE 3rd Avenue |
|
|
Fort
Lauderdale, FL |
|
33301 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (800) 804-1690
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
MARA |
|
The
Nasdaq Capital Market |
Item
4.02 Non-reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On
July 12, 2023, Marathon Digital Holdings, Inc. (the “Company”) received a comment letter from the Corporation Finance Staff
of the Securities and Exchange Commission relating to, among other things, certain accounting matters regarding the classification of
“proceeds from sale of digital assets” in operating activities. The comment resulted in our moving this to investing activities.
On
August 3, 2023, the Company’s Audit Committee of the Board of Directors, after consultation
with Marcum LLP, the Company’s independent auditor, concluded that due to certain accounting errors, as described below, the previously
issued unaudited condensed consolidated statements of cash flows contained in the Company’s Quarterly Report on Form 10-Q
for the quarter ended March 31, 2023, (the “Impacted Financial Statements”) should no longer be relied upon. Similarly, related
earnings releases and other financial communications for these periods should no longer be relied upon.
Management
and the Audit Committee have discussed these matters with Marcum LLP.
The
error has been corrected through the addition of a restatement footnote as footnote 3 in the Impacted Financial Statements with the Form
10-Q for the six months ended June 30, 2023, which reclassifies “proceeds from sale of digital assets” from operating activities
to investing activities.
The
information set forth herein solely refers to restatement issues in the Impacted Financial Statements and does not reflect any changes
in accounting policy.
Item
9.01 Exhibits
FORWARD-LOOKING
STATEMENTS
This
Form 8-K and other reports filed by Registrant from time to time with the Securities and Exchange Commission (collectively, the “Filings”)
contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available
to, Registrant’s management as well as estimates and assumptions made by Registrant’s management. When used in the Filings
the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,”
“plan” or the negative of these terms and similar expressions as they relate to Registrant or Registrant’s management
identify forward-looking statements. Such statements reflect the current view of Registrant with respect to future events and are subject
to risks, uncertainties, assumptions and other factors relating to the Registrants ability to complete the restatement and correction
of the accounting errors described in this Current Report on Form 8-K, the Registrant’s ability to file its 2022 Form 10-K within
fifteen days of its due date, the Registrant’s industry, Registrant’s operations and results of operations and any businesses
that may be acquired by Registrant. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions
prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
Although
Registrant believes that the expectations reflected in the forward-looking statements are reasonable, Registrant cannot guarantee future
results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the
United States, Registrant does not intend to update any of the forward-looking statements to conform these statements to actual results.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
August 8, 2023
|
MARATHON
DIGITAL HOLDINGS, INC. |
|
|
|
By: |
/s/
Salman Khan |
|
Name: |
Salman
Khan |
|
Title: |
Chief
Financial Officer |
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