EQUITY |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Equity [Abstract] | |
| EQUITY | 15. EQUITY
Common Stock
The Company is authorized to issue an unlimited number of ordinary shares, no par value, and preferred shares, no par value. The Company’s ordinary shares are entitled to one vote for each share. As of December 31, 2025, and 2024, there were and , respectively, ordinary shares outstanding.
Preferred Shares
The Company is authorized to issue an unlimited number of preferred shares divided into five classes with designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors. As of December 31, 2025, and 2024, there were preferred shares issued or outstanding.
Warrants
On May 30, 2025, the Company commenced an exchange offer and consent solicitation relating to its outstanding warrants. The Company offered to all holders of the warrants the opportunity to receive ordinary shares in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the offer. The Company concurrently solicited consents from holders of the warrants to amend the Warrant Agreement, dated as of May 11, 2017, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent, to permit the Company to require that each warrant that is outstanding upon the closing of the exchange offer be converted into 0.09 ordinary shares, which is a ratio 10% less than the exchange ratio applicable to the exchange offer.
Upon the expiration of the exchange offer on June 30, 2025, 34,136,353 warrants were tendered in exchange for 3,413,645 ordinary shares. Additionally, by vote of the warrant holders, the remaining 1,404,027 outstanding warrants were automatically converted into ordinary shares at a ratio of one warrant to 0.09 ordinary shares, resulting in the issuance of an additional (as adjusted for rounding differences at settlement) ordinary shares. Settlement of the exchange offer (issuance of ordinary shares) occurred in July 2025. As of December 31, 2025, there were no warrants for the Company’s ordinary shares outstanding.
The Company costs of the exchange offer were recorded as a reduction to Common stock and additional paid-in capital on the Company’s consolidated balance sheet.
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