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Stockholders' Equity (Successor) | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Stockholders' Equity (Successor) | Note 9 — Stockholders' Equity (Successor) Preferred Stock — The Company is authorized to issue a total of 1,000,000 of preferred stock at par value of $0.0001 each. At September 30, 2024 (Successor) there were no shares of preferred stock issued or outstanding. Common Stock — The Company is authorized to issue a total of 500,000,000 shares of Common Stock at par value of $0.0001 each. At September 30, 2024 (Successor) there were 78,789,516 shares issued and outstanding. The following summarizes the shares of Common Stock outstanding immediately following the consummation of the Business Combination:
| Shares
Public stockholders | 5,953,859 |
Initial stockholders | 7,187,500 |
Merger consideration shares | 3,000,000 |
First PIPE Investment | 44,024,910 |
Total shares outstanding at close | 60,166,269 |
Note: Table excludes Public Warrants, Private Placement Warrants, Working Capital Warrants convertible into Common Stock, and 4,807,270 shares of restricted stock awards that were granted under the Company's Incentive Plan after the Closing but have not yet vested.
7,187,500 shares of Common Stock held by the initial stockholders ("Founders Shares") are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with the Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) February 13, 2025 or (B) subsequent to February 14, 2024, (x) if the last sale price of our Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after February 14, 2024, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares of Common Stock for cash, securities or other property (such restrictions on transfer, the "Restrictions"). The stock performance conditions described in (B) above were satisfied on August 9, 2024 and, accordingly, the Restrictions no longer apply to the Founder Shares. As discussed in Note 1 — Organization, Business Operations, and Going Concern, on September 26, 2024, the Company issued 7,500,000 shares of Common Stock for $150.0 million in gross proceeds in connection with the Second PIPE Investment. The Company capitalized placement and legal fees incurred of approximately $7.5 million, which have been accrued for in the unaudited condensed consolidated balance sheet (Successor) as of September 30, 2024. During the three months ended September 30, 2024, warrant holders exercised 6,315,977 Warrants for 6,315,977 shares of Common Stock resulting in approximately $72.5 million in cash proceeds to the Company. Refer to Note 7 — Warrants for further discussion of warrant related activities.

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