Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events 2026 Equity Incentive Plan On July 1, 2026, the Company's board of directors adopted, and on July 6, 2026 the Company's stockholders approved, the 2026 Plan, which became effective immediately prior to the completion of the IPO. The 2026 Plan permits the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and stock bonuses to employees, directors, and independent contractors. In connection with the effectiveness of the 2026 Plan, the Company's 2025 Stock Plan was terminated; awards previously granted under the 2025 Stock Plan remain outstanding in accordance with their terms. The Company reserved 18,125,474 shares of Class A common stock for issuance under the 2026 Plan, including 9,134,602 shares subject to awards granted in connection with the IPO. 2026 Employee Stock Purchase Plan On July 1, 2026, our board of directors adopted and on July 2, 2026, the Company’s stockholders approved the ESPP, which became effective immediately prior to the effectiveness of the Registration Statement. The ESPP provides an opportunity to employees and eligible service providers to purchase shares of Class A common stock. The Company reserved 5,437,642 shares of Class A common stock for issuance under the ESPP. IPO On July 16, 2026, the Company’s Class A common stock began trading on the New York Stock Exchange under the symbol “STDN” and the offering closed on July 17, 2026. The offering consisted of the issuance and sale of 10.0 million shares of Class A common stock at a public offering price of $15.00 per share, resulting in estimated net proceeds to the Company of approximately $137.7 million, after deducting underwriting discounts, commissions, and offering expenses. In connection with the completion of the IPO, total deferred transaction costs of $3.3 million, consisting of the $2.1 million capitalized as of June 30, 2026 and an additional $1.2 million of costs incurred subsequent to that date, were reclassified as a reduction of additional paid-in capital. Immediately prior to the completion of the IPO, the Company had 132,604,428 shares of Class A common stock outstanding and 11,578,308 shares of Class B common stock outstanding. Class A common stock included the conversion of all 116,141,488 outstanding shares of the Company's redeemable convertible preferred stock into 116,141,488 shares of Class A common stock. Class A common stock also included the conversion of 7,876,000 shares of the Company’s Class B common stock, not beneficially owned by Mr. Hendrix, into Class A common stock, pursuant to the Class B Conversion. In addition, pursuant to the Class B Stock Exchange, all 5,824,308 outstanding shares of Class A common stock beneficially owned by Standard Nuclear Trust were exchanged for an equivalent number of newly issued shares of Class B common stock. The Company also entered into the Class B Equity Exchange Agreement with Thomas Hendrix, the Company's Founder and Executive Chairman, which grants Mr. Hendrix the right to require the Company to exchange up to an aggregate of 4,194,545 shares of Class A common stock (consisting of shares subject to his equity awards and shares he may receive in a distribution of up to 1,459,858 shares from Decisive Point Group, LLC, of which Mr. Hendrix is a member) for an equivalent number of shares of Class B common stock. All other outstanding shares of Class B common stock converted to Class A common stock. In connection with the completion of the IPO, the Company's restated certificate of incorporation became effective, under which each share of Class B common stock is entitled to 20 votes per share (compared to ten votes per share previously), voting together with Class A common stock as a single class on all matters submitted to a vote of stockholders, except as otherwise required by law. Each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, occurring after the completion of the IPO, other than certain permitted transfers, and will also convert automatically upon the earliest of: (i) 12 months following the death or disability of Thomas Hendrix, the Company's Founder and Executive Chairman; (ii) the first trading day on which outstanding shares of Class B common stock represent less than 5% of the Company's aggregate then-outstanding common stock; or (iii) the first trading day on which Mr. Hendrix is no longer providing services to the Company as an officer, employee, or consultant and is not a director of the Company as a result of his voluntary resignation or a request or agreement not to be renominated. Each of the events described in clauses (i) through (iii) may be extended by up to 18 months upon the affirmative approval of a majority of the Company's independent directors. Repayment of Officer Promissory Notes On July 10, 2026, Ms. Marrocco and Mr. Terrani repaid their promissory notes in full, including accrued interest, in the amounts of $473,405 (consisting of $453,600 in principal and $19,805 in accrued interest) and $750,654 (consisting of $719,250 in principal and $31,404 in accrued interest), respectively. On July 13, 2026, Mr. Harrill repaid his promissory notes in full, including accrued interest, in the aggregate amount of $1,550,236 (consisting of $1,538,898 in principal and $11,338 in accrued interest). In total, the Company received $2,774,295 in repayment of these promissory notes, consisting of $2,711,748 in principal and $62,547 in accrued interest, in connection with the Company's IPO offering in July 2026. Issuance of Restricted Stock Units Subsequent to June 30, 2026, in connection with the completion of the IPO, the Company approved the issuance of restricted stock units covering an aggregate of 9,134,602 shares of Class A common stock under its 2026 Plan to certain directors and officers, with a grant-date fair value of $15.00 per share. The restricted stock units generally vest over periods ranging from to three years, subject to continued service. The Company determined that these awards were nonrecognized subsequent events, and no share-based compensation expense related to these awards was recorded in the financial statements for the three and six months ended June 30, 2026. Acquisition of Real Property On July 21, 2026, Standard Property Holdings I, LLC completed the acquisition of real property located at 100 Europia Avenue, Oak Ridge, Tennessee, consisting of land and an existing building, from 100 Heritage Center, LLC, an unaffiliated third party, for a contract purchase price of $5.5 million. The transaction was funded with cash on hand and was not financed with mortgage or other third-party debt. After giving effect to an earnest money deposit previously paid and closing costs of approximately $0.2 million, the Company paid approximately $5.3 million in cash at closing.
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