v3.26.1
Note 7 - Stockholders' Equity
 6 Months Ended
Jun. 30, 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. 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. 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 required notice to each holder that the Company was exercising 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 on February 3, 2026. 

 

The Company recorded accrued dividends for Preferred Stock of $0.5 million for the six months ended June 30, 2026, and $1.2 million and $2.4 million for the three and six months ended June 30, 2025, respectively.