Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the Unaudited Condensed Consolidated Financial Statements were issued. Subsequent SPA Portfolio Notes Activity Subsequent to June 30, 2026, the Company received gross proceeds in connection with issuance of SPA Portfolio Notes to third parties totaling $3.4 million, with maturity period of or six years and 10.00% or 15.00% interest. Principal and accrued interest are convertible at the option of the holder into Common Stock of the Company at a conversion price per share equal to the lower of a) stated conversion price or b) lowest VWAP of the five trading days immediately prior to the day on which lender provides conversion notice or 90% of the previous trading day VWAP. Additionally, $8.2 million of principal and $1.4 million of interest of the Company’s SPA Portfolio Notes were converted into 1,103,738 shares of the Company’s Class A Common Stock. At-the-Market Equity Offering Program Subsequent to June 30, 2026, the Company's at-the-market offering program became effective, under which the Company may sell, from time to time, shares of Class A Common Stock through a sales agent. Since commencing the sales under the program the Company sold 163,174 shares of Class A Common Stock for gross proceeds of approximately $1.0 million. Amended and Restated July 2025 Securities Purchase Agreement On July 9, 2026, the Company amended and restated its Securities Purchase Agreement, dated July 14, 2025 (the “2025 July Unsecured SPA”). The amendment and restatement (i) divides the subsequent closing into eight separate closings, with each closing occurring within three business days after the Company receives at least $5.0 million in additional note commitments following the prior closing; (ii) eliminates the Company’s obligation to issue Common Warrants in connection with notes issued in subsequent closings to all purchasers other than one specified purchaser; and (iii) removes the Company’s obligation to register the resale of securities issued pursuant to the agreement. The amendment did not modify the aggregate principal amount of notes to be issued or the purchasers’ aggregate note commitments, or the maturity, interest rate, or conversion terms of the notes, including the conversion price and conversion mechanics. Reverse Stock Splits On July 24, 2026, the Company effected a 1-for-150 reverse stock split of its Class A and Class B common stock. The effects of the reverse stock split have been retroactively reflected in the accompanying Unaudited Condensed Consolidated Financial Statements and related notes for all periods presented. See Note 2, Liquidity and Capital Resources and Going Concern, and Note 13, Stockholders’ Equity, for further detail.
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