20. SUBSEQUENT EVENTS

Initial Public Offering

The Company completed its IPO on April 23, 2026. Refer to Note 1 – Business and Organization for further information.

In connection with the IPO, the vesting on all issued and outstanding SARs was accelerated, and the Company paid approximately $4.1 million to settle the cash-settled SAR and approximately $4.2 million in withholding taxes related to the equity-settled SARs. See Note 16 – Stock-Based Compensation for more details.

Debt Repayments

The Company repaid certain debt facilities following the balance sheet date. Refer to Note 12 – Debt for further information.

Adoption of 2026 Equity Incentive Plan

In connection with the IPO, the Company adopted the 2026 Equity Incentive Plan, which permits the Company to issue stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other types of awards (collectively, “awards”) to employees, consultants, or directors as compensation for services. The Company is permitted to issue up to a maximum number of shares of common stock underlying the awards of (A) 3,616,003 shares, plus (B) an increase commencing on January 1, 2027 and continuing annually on each anniversary thereof through and including January 1, 2036, equal to the lesser of (i) 3.0% of the shares of common stock outstanding on the last day of the immediately preceding calendar year and (ii) such smaller number of shares of common stock as determined by the board of directors.