Stockholders' Deficit |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders' Deficit | Stockholders' Deficit Beginning on the Petition Date, the Company has been operating as a Debtor-In-Possession under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code. On April 15, 2026, the Bankruptcy Court entered the Confirmation Order confirming the Plan. The Plan is subject to various conditions precedent to effectiveness, and there can be no assurance that such conditions will be satisfied or waived or that the Plan will become effective. If the Plan becomes effective, all of the existing equity interests in the Company will be canceled and extinguished upon the Company’s emergence from bankruptcy, and holders of such equity interests will not receive any distribution or retain any property on account of such interests. Common Stock Pursuant to the Company’s Charter, the Company is authorized to issue an aggregate of 300,000,000 shares of stock divided into three classes consisting of: (i) 100,000,000 shares of new Class A common stock; (ii) 100,000,000 shares of new Class B common stock; and (iii) 100,000,000 shares of preferred stock. As of June 30, 2026, the Company had 23,696,628 aggregate issued shares of common stock, and 17,668,032 outstanding shares consisting of: (i) 23,464,930 issued shares and 17,436,334 outstanding shares designated as Class A common stock; and (ii) 231,698 issued and outstanding shares designated as Class B common stock. Share Repurchase Program On October 27, 2023, the Company announced that the Board of Directors authorized a new share repurchase program (the "Expired Share Repurchase Authorization") for up to $25.0 million of outstanding Class A common stock. The Expired Share Repurchase Authorization expired on May 15, 2025 and superseded and replaced our Prior Share Repurchase Authorization, which expired on November 3, 2023 (the "Prior Share Repurchase Authorization"). The repurchase program did not require the Company to repurchase a minimum number of shares. We are currently subject to significant restrictions under the terms of our debt agreements with respect to payment to repurchase shares of our common stock. See "Note 4, Debt" for further discussion of the restrictions in our debt agreements. During the six months ended June 30, 2026 and 2025, the Company did not repurchase any shares of its outstanding Class A Common stock in the open market. Prior to its expiration, $25.0 million of the Company's outstanding Class A common stock remained available for repurchase under the share repurchase program, subject to restrictions under the terms of our debt agreements.
|