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

22. Subsequent Events

The Company has evaluated subsequent events through August 14, 2026, the date on which the accompanying condensed consolidated financial statements were issued and concluded that no subsequent events have occurred that require disclosure except as described below.

On July 15, 2026, QLE and the Company entered into separate, individually negotiated private securities exchange agreements with certain holders of the 2025 Convertible Notes, pursuant to which such noteholders exchanged approximately $109.2 million in aggregate principal amount of the outstanding 2025 Convertible Notes (or approximately 50% of the aggregate principal amount of the outstanding 2025 Convertible Notes), plus accrued and unpaid interest thereon, for an aggregate of approximately 23.2 million shares of the Company's common stock (the “Exchange Transactions”). The Exchange Transactions closed on July 16, 2026. Upon the closing of the Exchange Transactions, the outstanding principal amount of 2025 Convertible Notes held by third party investors was reduced to approximately $80.6 million, and the Company holds approximately $139.2 million aggregate principal amount of 2025 Convertible Notes.

On August 4, 2026, the legal dispute with AIRSOL described in Note 9 ("Debt"), was resolved and Renergen has agreed to pay the sum of the principal, accrued interest and certain fees for a total of $8.5 million in three equal installments beginning five business after certain customary regulatory approvals are obtained and ending in November 2026.

On August 14, 2026, the SBSA Loan was amended and restated pursuant to a Second Amendment and Restatement Agreement, pursuant to which SBSA and Renergen agreed, among other things, that the maturity date for the loan will be the first anniversary of the effective date of such Second Amendment and Restatement Agreement.