XML 26 R15.htm IDEA: XBRL DOCUMENT v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

The Company identifies and discloses transactions with related parties in accordance with ASC 850, Related Party Disclosures. The Company's related party transactions are primarily related to financing activities.

The Company’s consolidated financial statements reflect transactions with certain principal owners of PCT and their affiliates, including Sylebra Capital Management (“Sylebra”), Samlyn Capital, LLC (“Samlyn”), Pure Plastic LLC (“Pure Plastic”), and Pure Crown LLC ("Pure Crown"). The Company's consolidated financial statements also reflect transactions with companies affiliated with PCT, including Glockner Family Venture Fund LP, Glockner Enterprises, and Glockner Oil (collectively, "Glockner"), as well as Milliken & Company ("Milliken").

PCT purchased $0.8 million, $0.6 million and $0.5 million of certain chemicals used in its Purification process from Milliken during the years ended December 31, 2025, 2024 and 2023, respectively.

PCT currently has a $200.0 million Revolving Credit Facility (the "Revolving Credit Facility") pursuant to a credit agreement with Sylebra. On May 28, 2025, the Company borrowed $10.0 million from the Revolving Credit Facility. Borrowings under the Revolving Credit Facility accrued interest at a rate of 21.8%. The Company repaid the $10.0 million in borrowings plus accrued interest of $0.2 million on June 20, 2025. PCT is required to pay a commitment fee equal to 0.25% per annum based on the actual daily unused amount of the Revolving Credit Facility, payable quarterly. During both of the years ended December 31, 2025 and 2024, the Company paid $0.5 million in commitment fees to Sylebra on the unused borrowing capacity. On November 4, 2025, the Company entered into the Tenth Amendment to the Revolving Credit Agreement, which extended the maturity date of the Revolving Credit Facility from September 30, 2026 to September 30, 2027 and added a clause regarding the potential redemption of the Series A Preferred Stock whereby if, on or prior to March 17, 2026, sufficient proceeds are received from the exercise of Series A Warrants and the Company's Board of Directors (the "Board") approves, then the Company shall redeem in full the Series A Preferred Stock. The Company incurred $1.0 million in fees for this amendment. Refer to Note 10 - Long-Term Debt and Bonds Payable for further information.

During June 2025, the Company executed a 30-day promissory note with Pure Plastic for $4.9 million at a rate of 1.0% interest per month. The promissory note was repaid on June 20, 2025, along with accrued interest in the amount of $0.02 million.

During the year ended December 31, 2025, the Company sold $22.8 million in aggregate par amount of Series A Bonds owned by PCT LLC to related parties at a price of $880 per $1,000 principal amount under a bond purchase agreement for gross proceeds of $20.1 million. Refer to Note 10 - Long-Term Debt and Bonds Payable for further information.

During June 2025, the Company entered into binding subscription agreements with certain investors, including investment entities affiliated with Sylebra, Samlyn, and Pure Crown, pursuant to which the Company agreed to sell, in a private placement transaction, shares of the Company’s Series B Convertible Perpetual Preferred Stock, as further described in Note 14 - Mezzanine Equity and Stockholders' Equity.

During September 2025, the Company issued 4,003 shares of its Series A Preferred Stock (as defined below) for in-kind payment of dividends on the instruments, 2,001 of which were issued to Sylebra, and 2,002 were issued to Samlyn.

On July 28, 2025, Glockner, a related party of the Company, exercised 0.1 million of their outstanding Series A Warrants. The Company received $1.2 million in cash and issued 0.1 million shares of the Company's Common Stock to Glockner.

The table below summarizes the related party balances and transactions reflected in the consolidated financial statements as of December 31, 2025 and 2024:

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Sylebra

 

 

Samlyn

 

 

Pure Plastic

 

 

Pure Crown LLC

 

 

Glockner

 

 

Sylebra

 

 

Samlyn

 

 

Pure Plastic

 

 

Pure Crown LLC

 

 

Glockner

 

Debt Instruments
  (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related Party Bonds Payable
  (Note 10)

 

$

785

 

 

$

3,900

 

 

$

113,625

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

105,830

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock and warrants
  (shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Preferred Stock
  (Note 14)

 

 

27

 

 

 

27

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25

 

 

 

25

 

 

 

—

 

 

 

—

 

 

 

—

 

Series B Convertible
  Perpetual Preferred Stock
  (Note 14)

 

 

40

 

 

 

50

 

 

 

—

 

 

 

5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Series A Warrants (Note 16)

 

 

10,250

 

 

 

2,857

 

 

 

—

 

 

 

1,071

 

 

 

614

 

 

 

10,250

 

 

 

2,857

 

 

 

—

 

 

 

1,071

 

 

 

714

 

Series B Warrants (Note 16)

 

 

—

 

 

 

—

 

 

 

3,064

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,064

 

 

 

—

 

 

 

—

 

Series C Warrants (Note 16)

 

 

2,500

 

 

 

2,500

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,500

 

 

 

2,500

 

 

 

—

 

 

 

—

 

 

 

—