MARA Announces Expiration and Results of the Consent Solicitation for the 8.750% Senior Secured Notes due 2032 of Long Ridge Energy LLC
Rhea-AI Summary
MARA (NASDAQ:MARA) announced that its subsidiary MARA USA obtained the requisite consents from holders of Long Ridge Energy’s 8.750% Senior Secured Notes due 2032 to amend the indenture.
The amendments, tied to MARA’s planned acquisition of Long Ridge, will become operative only if the transaction closes and a $2.50 per $1,000 consent fee is paid, currently expected in the second half of 2026 subject to regulatory approvals.
Positive
- Requisite majority consents obtained to amend 8.750% Senior Secured Notes due 2032 indenture
- Potential removal of change-of-control repurchase obligation if transaction closes and amendments become operative
- Consent fee of $2.50 per $1,000 in principal only payable upon successful transaction closing
Negative
- Closing of the Long Ridge acquisition and related amendments remain subject to multiple regulatory approvals
- If the transaction is not consummated, no amendments become operative and change-of-control put right would remain
- Consent fee obligation increases transaction cash outlay if closing conditions are satisfied
News Market Reaction – MARA
In the May 18 session, MARA declined 2.09%, reflecting a moderate negative market reaction. Argus tracked a trough of -3.3% from its starting point during tracking. Our momentum scanner triggered 25 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 2026 earnings | Negative | -5.0% | Reported sharp Q1 2026 net loss and weaker revenues. |
| May 07 | Consent solicitation launch | Positive | -2.5% | Launched consent solicitation to amend Long Ridge 8.750% notes indenture. |
| May 04 | Earnings call scheduled | Neutral | +2.8% | Announced timing and access details for Q1 2026 earnings call. |
| Apr 30 | Long Ridge acquisition | Positive | +11.8% | Agreed to acquire Long Ridge Energy & Power to expand capacity. |
| Mar 26 | Debt repurchase, BTC sale | Positive | +3.6% | Announced large repurchases of 2030/2031 converts funded by bitcoin sales. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent MARA news tied to strategic balance sheet moves and the Long Ridge acquisition has more often seen positive price reactions, while the initial consent solicitation headline drew a negative move.
Over the last few months, MARA has focused on balance sheet optimization and expanding digital infrastructure. On Mar 26 it announced large convertible note repurchases funded by bitcoin sales, followed by a major Long Ridge acquisition agreement on Apr 30. Early May brought earnings communications and, on May 7, the launch of this consent solicitation. Today’s update on obtaining requisite consents fits into the same Long Ridge transaction roadmap.
Key Terms
cusip financial
consent solicitation financial
senior secured notes financial
indenture financial
equity purchase agreement financial
change of control financial
hart-scott-rodino act regulatory
federal energy regulatory commission regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
CUSIP Nos. 54288CAA1 / U5423CAA6
Miami, FL, May 15, 2026 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) (“MARA”) today announced the expiration and results of the previously announced consent solicitation (the “Consent Solicitation”) by MARA USA Corporation, its wholly owned subsidiary (the “Offeror”), relating to the outstanding
The Consent Solicitation expired at 5:00 p.m., New York City time, on May 15, 2026 (the “Expiration Time”). On May 14, 2026, prior to the Expiration Time, the Offeror received the requisite consents from registered holders (“Holders”) of at least a majority of the aggregate principal amount of the Notes outstanding (the “Requisite Consents”) to approve the proposed amendments (the “Proposed Amendments”) to the indenture governing the Notes (the “Indenture”), as described in the consent solicitation statement dated as of May 7, 2026 (as amended or supplemented from time to time, the “Consent Solicitation Statement”). Accordingly, on May 14, 2026, the Issuer and the subsidiary guarantors party to the Indenture entered into a supplemental indenture to the Indenture with U.S. Bank Trust Company, National Association, as trustee, reflecting the Proposed Amendments.
The Proposed Amendments will become operative only upon the consummation of the Transaction (as defined below), the payment of the Consent Fee (as defined below) to the Depository Trust Company for the benefit of Consenting Holders (as defined below) and the satisfaction of certain other conditions, in each case as described in the Consent Solicitation Statement. The Consent Fee is expected to be paid substantially concurrently with the Transaction closing, which, if consummated, is currently expected to be in the second half of 2026, and could be as soon as the third quarter of 2026, subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission approval, as well as satisfaction of other customary closing conditions.
Subject to the terms and conditions of the Consent Solicitation, the Offeror offered each Holder of the Notes who validly delivered (and did not validly revoke) its consents to the Proposed Amendments prior to the Expiration Time (each such Holder a “Consenting Holder”) a consent consideration equal to
Amendment & Consent
As described in the Consent Solicitation Statement, on April 29, 2026, the Offeror and MARA entered into an Equity Purchase Agreement with Ohio River Partners Holdco LLC, Ohio River Partners Finance LLC (collectively, the “Sellers”) and (solely for the purposes of Articles V, IX and X and Sections 2.5, 6.10, 6.16 and 6.20 of the Equity Purchase Agreement) FTAI Infrastructure Inc. Pursuant to the Equity Purchase Agreement, the Offeror will acquire
The consummation of the Transaction would constitute a “Change of Control” under the Indenture, absent the Proposed Amendments becoming operative. Following a “Change of Control” (as defined in the Indenture) the Indenture requires the Issuer to make an offer to purchase for cash all of the Notes then outstanding at a price equal to
Subject to the conditions described in the Consent Solicitation Statement, the Offeror sought consents from Holders of the Notes to amend the Indenture to (i) provide that the Transaction will not constitute a “Change of Control,” (ii) provide that MARA and its affiliates will each be a Permitted Holder (as defined in the Indenture), and (iii) add to, amend, supplement or change certain other defined terms contained in the Indenture and the Notes related to the foregoing (collectively, the “Proposed Amendments”). As a result of receiving the Requisite Consents, the Issuer will not be required to make a “Change of Control” offer for the Notes if the Transaction is consummated and the Proposed Amendments become operative.
Solicitation Agents and Information
Barclays Capital Inc. is serving as solicitation agent (the “Solicitation Agent”) in connection with the Consent Solicitation. Global Bondholder Services Corporation is serving as the information agent and tabulation agent in connection with the Consent Solicitation (“GBSC” or the “Information and Tabulation Agent”).
Questions regarding the terms of the Consent Solicitation may be directed to the Solicitation Agent at (212) 528 7581 or (800) 438 3242 (toll-free) or by email to us.lm@barclays.com. Questions or requests for assistance in completing and delivering a consent or requests for copies of the Consent Solicitation Statement may be directed to GBSC at (212) 430-3774 or (855) 654-2015 (toll-free) or by email to contact@gbsc-usa.com.
This press release does not constitute an offer to sell, or an offer to purchase, or a solicitation of an offer to purchase or sell, any security. The Consent Solicitation was made solely pursuant to the terms of the Consent Solicitation Statement. No recommendation was made as to whether Holders should consent to the Proposed Amendments. The Consent Solicitation was not made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or “blue sky” laws.
About MARA and the Offeror
MARA (NASDAQ: MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge. MARA’s common stock is listed on the Nasdaq Capital Market under the symbol “MARA.”
The Offeror is a wholly owned subsidiary of MARA.
Important Information
This communication is provided solely for informational purposes in connection with the Consent Solicitation described herein. The Consent Solicitation was made only pursuant to the Consent Solicitation Statement and the information contained therein. This communication does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities, nor does it constitute a recommendation as to whether any Holder should have consented to the Proposed Amendments.
MARA has not filed this communication or the Consent Solicitation Statement with, and neither has been reviewed by, any federal, state or foreign securities commission or other regulatory authority. No authority has passed upon the accuracy or adequacy of this communication or the Consent Solicitation Statement, and it is unlawful and may be a criminal offense to make any representation to the contrary.
No person has been authorized to give any information or to make any representations in connection with the Consent Solicitation other than those contained in the Consent Solicitation Statement and, if given or made, such information or representations should not be relied upon as having been authorized.
None of the Offeror, MARA, the Sellers, Long Ridge, the Issuer, the subsidiary guarantors, the Solicitation Agent, the Information and Tabulation Agent or the Trustee have made any recommendation as to whether Holders should have consented or refrained from consenting to the Proposed Amendments.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” “target” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the parties’ ability to consummate the transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary third-party approvals, or the satisfaction of other closing conditions to consummate the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement or any unanticipated difficulties or expenditures relating to the transaction; MARA’s planned development of digital infrastructure projects, including the Hannibal, Ohio campus; the expected capacity, scalability and performance of the acquired facilities; the anticipated ability to shift between hyperscale and AI workloads and Bitcoin mining at the acquired facilities; MARA’s ability to finance the transaction on acceptable terms, or at all; the anticipated benefits of the proposed transaction, including MARA’s expansion into high-performance computing; MARA’s ability to advance and execute its digital energy infrastructure strategy; the expected earnings and cash flows from Long Ridge and the impact on the Issuer’s capital structure. These forward-looking statements are only predictions. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause actual results, levels of activity, performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should read the factors disclosed under “Certain Significant Considerations” in the Consent Solicitation Statement in conjunction with the forward-looking statements included in this press release. New factors could emerge from time to time and it is not possible to predict all such factors. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as guarantees of future events. These forward-looking statements speak only as of the date made and are not guarantees of future performance of results. MARA and the Offeror expressly disclaim any obligation or undertaking to release any updates or revisions to any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
Because actual results could differ materially from intentions, plans, expectations, assumptions and beliefs about the future, you are urged not to rely on forward-looking statements included in this press release and to view all forward-looking statements made in this press release with caution.
MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com
MARA Media Contact:
Email: mara-jf@joelefrank.com
