Note 7 - Stockholders' Equity |
3 Months Ended |
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Mar. 31, 2026 | |
| Notes to Financial Statements | |
| Equity [Text Block] |
NOTE 7—STOCKHOLDERS’ EQUITY
Preferred Stock
On February 3, 2026, the Company caused the mandatory conversion of all 62,000 outstanding shares of Preferred Stock into 9,018,763 shares of its common stock. Through conversion, the Company continued to pay dividends in-kind. The Company had the option to convert all, but not less than all, of the Preferred Stock into common stock if the volume-weighted average closing price (“VWAP”) of shares of common stock was at least 150% of the conversion price ($14.25) for 20 out of 30 consecutive trading days. The number of shares of common stock received in such conversion shall be equal to the quotient obtained by dividing the then-current accrued value by the conversion price. This VWAP threshold was satisfied on January 16, 2026 and on January 20, 2026, the Company issued a Notice of Conversion to each holder of the Company’s Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations of the Preferred Stock, to effect a mandatory conversion of all the shares of Preferred Stock.
The Company recorded accrued dividends for Preferred Stock of $0.5 million for the three months ended March 31, 2026 and $1.2 million for the three months ended March 31, 2025.
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