Subsequent Events |
6 Months Ended |
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Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 18. Subsequent Events Held for sale classification The Company approved a plan to sell its former manufacturing and office facility in Albuquerque, New Mexico during the third quarter of 2026. The asset met the held-for-sale criteria in ASC 360 subsequent to June 30, 2026, and the Company will carry the asset at the lower of the asset’s carrying value or market value, net of expected costs to sell. A sale is expected to close within the next year. Equity Investment In July 2026, the technology company in which the Company has invested through a SAFE achieved certain defined milestones, upon which the Company invested an additional $1.0 million through another SAFE. At the next equity financing round of the technology company, the SAFE investment will convert into preferred shares of the technology company, subject to certain conditions. Proposed Business Combination On July 16, 2026, the Company and STINorland USA, Inc., a California corporation and an indirect wholly-owned subsidiary of the Company (the “AWM Buyer”), entered into an equity purchase agreement (the “AWM Purchase Agreement”) with AWM, DS Equity Holdings LLC, a Delaware limited liability company, Scott R. Rand and Daniel R. Smith, pursuant to which the AWM Buyer will acquire all of the issued and outstanding equity interests of AWM, a company that designs, manufactures, markets and sells wire management products for the utility scale photovoltaic or battery storage system industries. Under the terms of the AWM Purchase Agreement, the AWM Buyer has agreed to pay a base purchase price of $153.0 million, plus performance-based earn-out payments of up to $40.0 million and up to $10.0 million of deferred payments to Scott R. Rand and Daniel R. Smith contingent on their continued employment. The transaction is expected to close in the third quarter of 2026, subject to receiving any required regulatory approvals and the satisfaction of other customary closing conditions.
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