v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events

Note 20 – Subsequent Events

Subsequent to the quarter ended June 30, 2026, the following events took place:

Special Meeting Proxy and Plan: On July 14, 2026, we filed a preliminary proxy statement (the "Special Meeting Proxy") with the SEC related to a Special Meeting of Stockholders (the "Special Meeting"), for the following purposes: (i) to consider and vote on a proposal to approve the dissolution of the Company, the liquidation of its assets and the winding up of its business and affairs in accordance with the Plan of Complete Liquidation and Dissolution (the "Plan") (the "Dissolution Proposal"); (ii) to consider and vote on a proposal to approve, subject to approval of the Dissolution Proposal, on an advisory, non-binding basis, compensation that may become payable by the Company to its named executive officers in connection with the Plan (the "Executive Compensation Proposal"); and (iii) to consider and vote on a proposal to approve one or more adjournments of the Special Meeting, if necessary or appropriate, from time to time, to a later date or dates, even if a quorum is present, to solicit additional proxies if there are not sufficient votes at the time of the Special Meeting to approve the Dissolution Proposal (the "Adjournment Proposal"). If the Plan is approved by our stockholders, we will adopt the liquidation basis of accounting which requires our assets to be recognized at the estimated amounts expected to be collected and liabilities to be recognized at the estimated amounts at which they are expected to be settled.

Redemption of 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock: On July 15, 2026 (the "Redemption Date"), we completed the redemption of all our outstanding shares of our 7.25% Series B-1 Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the "Series B-1 Preferred Stock"), pursuant to Section (5)(a) of the Articles Supplementary setting forth the terms of such shares. In connection with such redemption, we entered into a Redemption Agent Agreement dated July 14, 2026 with Equiniti Trust Company, LLC ("Equiniti"), pursuant to which Equiniti acted as redemption agent to facilitate the payment of the Redemption Price (as defined below) to holders of record of the Series B-1 Preferred Stock. We deposited the aggregate Redemption Price into a segregated payment fund maintained by Equiniti for the benefit of the shareholders.

Each share of Series B-1 Preferred Stock was redeemed at a price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends (whether or not earned or declared) to, but not including, the Redemption Date (collectively, the "Redemption Price"). As of the Redemption Date, dividends on the Series B-1 Preferred Stock ceased to accrue, and all rights of holders with respect to such shares terminated, except for the right to receive the Redemption Price without interest.

Following such redemption, no shares of Series B-1 Preferred Stock remain issued and outstanding.