Related Parties |
12 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Parties | RELATED PARTIES On July 30, 2024, the Company entered into a Consulting Services Agreement with Mariposa Capital, LLC, an entity owned by the Co-Chairman of the Company’s board of directors. Under this agreement, Mariposa Capital, LLC agreed to provide certain services, including corporate development and consulting services, consulting services with respect to mergers and acquisitions, investor relations services, strategic planning consulting services, capital expenditure allocation consulting services, strategic treasury consulting services and such other services relating to the Company as may from time to time be mutually agreed. In connection with these services, Mariposa Capital, LLC is entitled to receive an annual fee equal to $2.0 million, payable in quarterly installments. The initial term of this agreement was for the one-year period ended July 30, 2025. The agreement was automatically renewed and automatically renews for successive one-year terms unless either party notifies the other party in writing of its intention not to renew this agreement no later than 90 days prior to the expiration of the term. This agreement may only be terminated by the Company upon a vote of a majority of the directors. In the event that this agreement is terminated by the Company, the effective date of the termination will be six months following the expiration of the initial term or a renewal term, as the case may be. During the year ended December 31, 2025, the Company incurred advisory fees of $2.0 million that were paid to Mariposa Capital, LLC. As of December 31, 2025, the Company declared a dividend of 668,347 shares of common stock which were issued to the holder of the Series A Preferred Stock in January 2026. The Company was previously party to an agreement with American Securities, LLC, a related party at that time. The Company expensed $2.5 million and $3.4 million included in “Selling, general and administrative expenses” in relation to this agreement for the period from January 1 through July 29, 2024 and the year ended December, 31, 2023, respectively. This agreement terminated at the closing of the Acuren Acquisition.
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