STOCKHOLDERS’ EQUITY |
6 Months Ended | 12 Months Ended |
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Jun. 30, 2026 |
Dec. 31, 2025 |
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| Equity [Abstract] | ||
| STOCKHOLDERS’ EQUITY | NOTE 14 - STOCKHOLDERS’ EQUITY
Common Stock
On August 8, 2023, the Company’s Board of Directors authorized a share repurchase program for up to $ of the Company’s outstanding common stock. The Company continues to view share repurchases as an attractive use of capital and may repurchase shares from time to time, as market conditions warrant, through open market purchases, privately negotiated transactions, block trades, or other methods, in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”).
In the third quarter of 2025, the Company completed its $ share repurchase program authorized on August 8, 2023. On September 10, 2025, the Board of Directors authorized a new common stock repurchase program under which the Company may repurchase up to $ of its outstanding common stock. During the six months ended June 30, 2026, the Company repurchased on the open market a total of shares of its common stock for an aggregate cost of $ million under these authorizations. As of June 30, 2026, under the July 30, 2015, August 8, 2023 and September 10, 2025 authorizations combined, the Company had repurchased an aggregate of shares for a total cost of $ million, completing the August 8, 2023 authorization and leaving $ million available for purchase under the September 10, 2025 authorization. During the six months ended June 30, 2025, no repurchases of shares were made by the Company.
The Company cannot predict when or if it will repurchase any shares of common stock as such stock repurchase program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases will be available in the Company’s periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act.
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NOTE 14 - STOCKHOLDERS’ EQUITY
Common Stock
On August 8, 2023, the Company’s Board of Directors authorized a share repurchase program for up to $ of the Company’s outstanding common stock. The Company continues to view share repurchases as an attractive use of capital and may repurchase shares from time to time, as market conditions warrant, through open market purchases, privately negotiated transactions, block trades, or other methods, in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”). This authorization does not expire.
During the year ended December 31, 2025, the Company completed its $ share repurchase program authorized on August 8, 2023. On September 10, 2025, the Board of Directors authorized a new common stock repurchase program under which the Company may repurchase up to $ of its outstanding common stock. During the year ended December 31, 2025, the Company repurchased a total of shares of its common stock for an aggregate cost of $ under these authorizations. Of this total, shares were repurchased on September 25, 2025, in connection with a transaction with a certain shareholder totaling $, and the remaining shares were repurchased on the open market for a cost of $. As of December 31, 2025, under the July 30, 2015, August 8, 2023 and September 10, 2025 authorizations combined, the Company had repurchased an aggregate of shares for a total cost of $, completing the August 8, 2023 authorization and leaving $ available for purchase under the September 10, 2025 authorization. During the year ended December 31, 2024 the Company repurchased a total of shares of its common stock for a cost of $ under this authorization. Of these shares, shares were repurchased on January 29, 2024 in connection with a transaction with a certain shareholder totaling $ that excludes tax withholdings. The Company also repurchased shares during the second quarter in connection with transactions with certain shareholders totaling $, as well as shares of its common stock on the open market for a cost of $.
The Company cannot predict when or if it will repurchase any shares of common stock as such stock repurchase program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. Information regarding share repurchases will be available in the Company’s periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission as required by the applicable rules of the Exchange Act.
Warrants
As a result of the Merger, outstanding warrants of SOC were converted to rights to receive common shares of the Company, in accordance with Section 3(d) of the Form of 2022 SOC Warrant Certificate. As of December 31, 2025, there were 10.9 million warrants outstanding, none of which are prefunded, which represents 0.5 million shares of common stock equivalents, at an exercise price of $32.61. For every 1 warrant, 0.046 of a common share shall be issued. These warrants will expire in January 2027.
As of December 31, 2025, there were 10,925,000 warrants outstanding, which represents 502,550 shares of common stock equivalents.
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