v3.26.1
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS 
The Company has evaluated subsequent events for potential recognition and disclosures through the date the accompanying condensed consolidated financial statements were filed.
On July 17, 2026, the Company granted an aggregate amount of 190,525 restricted stock units ("RSUs") to its non-employee directors pursuant to the Company’s Amended and Restated 2023 Long-Term Incentive Plan (the “Plan”). Of the RSUs granted, 34,275 in the aggregate were fully vested on the date of grant. The remaining 156,250 RSUs vest on the earlier of the date of the Company's 2027 annual shareholder meeting, or June 29, 2027. On July 20, 2026, the Company granted 1,037,500 RSUs to certain management employees, which vest in thirds annually starting on June 1, 2027, pursuant to the Plan. On July 20, 2026, the Company granted 93,750 RSUs to Jody Davis, the Company’s Chief Financial Officer, pursuant to the Company’s Inducement Equity Award Plan (the “Inducement Plan”) in connection with Mr. Davis entering into employment with the Company, which RSUs vest in third annually starting on June 1, 2027. On August 3, 2026, the Company granted 56,250 RSUs to a new non-executive employee under the Inducement Plan, in connection with such employee entering into employment with the Company, which RSUs vest in third annually starting on June 1, 2027. Each RSU reflects the right to receive one share of the Company's common stock upon vesting.

On August 11, 2026, we amended the Credit Agreements to increase the borrowing capacity under the Cash Flow Credit Agreement from $30.0 million to $40.0 million and to defer interest payments on the additional commitments until after January 31, 2027. Additionally, the amendment included the obligation to issue warrants to purchase an aggregate of 1,500,000 shares of the Company's common stock at $10 per share for a period of five years from the date of the amendment, in favor of MGMH, consisting of 750,000 warrant shares issued as consideration for the August 2026 amendment to the Credit Agreements and 750,000 warrant shares issued in satisfaction of the Company’s obligations under the Company’s June 2026 amendment to the Credit Agreements. Following the effectiveness of the amendment, we borrowed an additional $10.0 million under the Cash Flow Credit Agreement. As of the filing date, we had $18.3 million in outstanding borrowings and $1.7 million remaining availability under the Customer Order Credit Agreement, and we had $40.0 million in outstanding borrowings and no remaining availability under the Cash Flow Credit Agreement.
On August 12, 2026, the Company and an affiliate of MGMH entered into an agreement whereby the lessor agreed to an additional deferral of the Company’s monthly rental payments pursuant to the lease for the Company’s manufacturing facility in Union City, Indiana for four months beginning October 2026. This agreement also deferred all rents that had been due at September 30, 2026. As a result, the entire deferred amount is now due and payable in a single lump-sum payment on or before January 31, 2027.