v3.26.1
STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

14. STOCKHOLDERS’ EQUITY

 

Class A Common Stock

 

Class A common stock confers upon the holders the rights to receive notice to participate and vote at any meeting of stockholders of the Company, to receive dividends, if and when declared, and to participate in a distribution of surplus of assets upon liquidation of the Company.

 

 

On December 19, 2025, the Company entered into an at-the-market issuance sales agreement providing for the sale of up to $50.0 million of additional shares of Class A common stock under its effective shelf registration statement (the “ATM Offering”). During the period between January 1, 2026 through March 31, 2026, the Company sold an aggregate of 46.6 million shares of Class A common stock pursuant to the ATM Offering for gross proceeds of $10.6 million.

Class B Common Stock

 

The Class B common stock is identical to the Class A common stock, with the exception that each share thereof carries 10 times the voting power of a share of Class A common stock. The Class B common stock is convertible at any time into Class A common stock on a one-for-one basis at the option of the holder of the Class B common stock.

 

Series D Preferred ATM Offering Activity

 

On February 13, 2026, the Company entered into an at-the-market issuance sales agreement to sell shares of the Company’s 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share (the “Series D Preferred”), having an aggregate offering price of up to $35.4 million from time to time, through an “at the market offering” (the “Series Preferred D ATM Offering”). During the period between January 1, 2026 through March 31, 2026, the Company sold an aggregate of 2,498 shares of Series D Preferred Stock pursuant to its Series Preferred D ATM offering for net proceeds of $53,000.

 

Preferred Stock

 

Preferred stock as of March 31, 2026 consisted of the following:

                         
   Par Value
Per Share		   Stated Value
Per Share		   Shares
Authorized		   Liquidation
Preference		   Shares Issued and
Outstanding at
March 31, 2026		 
Series A Convertible Preferred Stock  $0.001   $25    1,000,000   $176,000    7,040 
Series B Convertible Preferred Stock  $0.001   $1,000    60,000    3,000,000    3,000 
Series C Convertible Preferred Stock  $0.001   $1,000    75,000    50,000,000    50,000 
Series D Cumulative Redeemable Perpetual Preferred Stock  $0.001   $25    2,000,000    14,703,000    588,111 
Series E Cumulative Redeemable Perpetual Preferred Stock  $0.001   $25    2,500,000    16,250,000    649,998 
Series F Exchangeable Preferred Stock  $0.001   $1,000    1,000,000    999,000    998,577 
Series G Convertible Preferred Stock  $0.001   $1,000    25,000    960,000    960 
Series H Convertible Preferred Stock  $0.001   $1,000    100,000    4,000,000    4,000 
Unallocated             18,240,000    -    - 
Total             25,000,000   $90,088,000    2,301,686 

 

Preferred stock as of December 31, 2025 consisted of the following:

 

   Par Value
Per Share		   Stated Value
Per Share		   Shares
Authorized		   Liquidation
Preference		   Shares Issued and
Outstanding at
December 31, 2025		 
Series A Convertible Preferred Stock  $0.001   $25    1,000,000   $176,000    7,040 
Series B Convertible Preferred Stock  $0.001   $1,000    60,000    3,000,000    3,000 
Series C Convertible Preferred Stock  $0.001   $1,000    75,000    50,000,000    50,000 
Series D Cumulative Redeemable Perpetual Preferred Stock  $0.001   $25    2,000,000    14,640,000    585,613 
Series E Cumulative Redeemable Perpetual Preferred Stock  $0.001   $25    2,500,000    16,250,000    649,998 
Series F Exchangeable Preferred Stock  $0.001   $1,000    1,000,000    999,000    998,577 
Series G Convertible Preferred Stock  $0.001   $1,000    25,000    960,000    960 
Series H Convertible Preferred Stock  $0.001   $1,000    100,000    4,000,000    4,000 
Unallocated             18,240,000    -    - 
Total             25,000,000   $90,025,000    2,299,188 

 

 

The Company is authorized to issue 25.0 million shares of preferred stock, $0.001 par value. As of March 31, 2026, the rights, preferences, privileges and restrictions on the remaining authorized 18.2 million shares of preferred stock had not been determined. The Board is authorized to designate a new series of preferred shares and determine the number of shares, as well as the rights, preferences, privileges and restrictions granted to or imposed upon any series of preferred shares.