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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
Shareholders' Equity | NOTE 14. SHAREHOLDERS’ EQUITY Preferred Shares Series A Preferred Shares The Company has 4,000,000 shares of Series A Preferred Stock issued and outstanding as of September 30, 2021 ("Series A Preferred Shares"). The Series A Preferred Shares will be automatically converted into shares of common stock on a one for one basis upon the last day of 2026. The holders of the Series A Preferred Shares are entitled to receive an annual dividend in the form of common stock or cash, at the Company’s sole option based on the increase in the market price of the Company’s common stock. Series B Preferred Shares On July 26, 2021, the Company entered into a Securities Purchase Agreement to sell 800,000 shares of the Company’s Series B Perpetual Convertible Preferred Stock, (the “Series B Preferred Shares”), for an aggregate purchase price of $800. The holders of the Series B Preferred Shares will be entitled to dividends at the rate of 5.5% per annum, payable in cash or the Company’s common stock, at the Company's election. The Series B Preferred Shares will rank senior to common stock and Series A Preferred Shares with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution, or winding up of the affairs of the Company. The Series B Preferred Shares will be convertible, at the holder’s option, into shares of the Company’s common stock at a conversion price equal to $24.60 per share, subject to certain adjustments. The Series B Preferred Shares rights include voting rights on an as-converted basis, certain pre-emptive rights on private equity offerings by the Company and certain registration rights. The Company intends to use the net proceeds from the Series B Preferred Shares issuance to fund a portion of the consideration for the Chubb Acquisition. The Series B Preferred Shares issuance is expected to close concurrently with the closing of the Chubb Acquisition, which is anticipated to be around year-end 2021. Common Shares During September 2021, the Company issued 22,716,049 shares of the Company’s common stock in a public underwritten offering. The proceeds from this offering totaled approximately $446, net of related expenses. The Company expects to use the net proceeds from this offering for general corporate purposes, which may include future acquisitions and other business opportunities, capital expenditures and working capital.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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