SUBSEQUENT EVENTS |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2026 | |||
| Subsequent Events [Abstract] | |||
| SUBSEQUENT EVENTS |
On July 22, 2026, the Company entered into a Securities Account Control Agreement and a Securities Account Pledge Agreement with Citizens, as administrative agent, in connection with million shares of the Company’s common stock owned by its Executive Chairman Mahmud Haq and two trusts, one controlled by Mr. Haq and the other one controlled by his wife.
Also on July 22, 2026, in connection with the Credit Facility, the Company issued a warrant to the Executive Chairman (the “Warrant”) to purchase up to 4.3 million shares of the Company’s common stock at an exercise price of $5.00 per share, with a term of five years. The Warrant vests over time on an accelerated basis through June 2027 and may be exercised on a cash or net share settlement basis. The Warrant has customary anti-dilution provisions. The Warrant is in consideration for pledging certain Company common stock as collateral for the Company’s obligations under the Credit Facility. The shares issuable upon exercise of the Warrant have not been registered under the Securities Act of 1933, as amended, and are subject to customary transfer restrictions. |