RELATED PARTY TRANSACTIONS |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2025 | |||
| RELATED PARTY TRANSACTIONS | |||
| RELATED PARTY TRANSACTIONS |
Gulf Islamic Investments Holding, LLC (“GII”) In connection with the hiring in 2023 of the Company’s Chief Financial Officer, Erick DeOliveira, the Company has expensed and accrued $0.2 million as of June 30, 2025 with a related party, GII, for recruitment fees paid on the Company’s behalf by GII. Kuwait Investment Authority In February 2019, the Company entered into a loan security agreement with a related party, KIA, for $5.0 million. The KIA loan was amended during 2020 and 2021 and the details surrounding the initial and subsequent modifications are fully described in Note 5. As of December 31, 2022 the Company owed principal amounts of $5.0 million to KIA under the original agreement and subsequent amendments to the KIA loan. On August 12, 2022, KIA forgave amounts due under its loan and security agreement in exchange for 8,062 shares of NCNV preferred stock. In January 2024, the Company entered into a loan termination agreement under which all remaining amounts outstanding under the KIA loan, plus unearned interest of $0.1 million, were redeemed for 5,750 shares of newly created NCNV Preferred Stock 2 as described in Note 6. Refer to Note 6 for details regarding the rights and privileges of the NCNV preferred stock series. The January 2024 conversion agreement relieved the Company of any further obligations under the KIA loan. |