Silvergate covenant waiver and convertible notes acknowledgment
Company: Marathon Digital
The claim, verbatim
Silvergate Bank waived default rights and acknowledged that convertible notes up to $650 million plus additional $97.5 million option shall not constitute Indebtedness under credit facility agreement, with maximum debt-to-equity ratio revised to 1.50:1.00
Source (primary)
Marathon Digital 10-K filed 2022-03-10 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “On November 9, 2021, the Company received a waiver letter from Silvergate Bank whereas Silvergate Bank has waived its default rights with respect to noncompliance... Silvergate Bank accepts and acknowledges convertible notes in the aggregate principal amount up to $650,000,000, plus an option to purchase an additional $97,500,000 principal amount of Convertible Notes shall not constitute "Indebtedness"... the maximum debt-to-equity ratio in Section 6.5 shall be revised to be 1.50:1.00”
How we checked this
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Additional evidence
confirms Marathon Digital 10-K filed 2022-03-10
Quote: “On November 9, 2021, the Company received a waiver letter from Silvergate Bank whereas Silvergate Bank has waived its default rights with respect to noncompliance... Silvergate Bank accepts and acknowledges convertible notes in the aggregate principal amount up to $650,000,000, plus an option to purchase an additional $97,500,000 principal amount of Convertible Notes shall not constitute "Indebtedness"... the maximum debt-to-equity ratio in Section 6.5 shall be revised to be 1.50:1.00”