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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 15. SUBSEQUENT EVENTS

 

The Company has performed an evaluation of events occurring subsequent to March 31, 2025 through the filing date of this Quarterly Report on Form 10-Q. Based on its evaluation, no events other than those described below need to be disclosed.

 

In April 2025, the Company issued 9,670 shares of its common stock underlying RSUs held by employees of the Company, net of an aggregate of 2,830 shares of the Company’s common stock were withheld from issuance by the Company for payroll tax obligations totaling $65,000.

 

In May 2025, the Company issued 14,382 shares of its common stock underlying RSUs held by consultants of the Company.

 

Settlement of Performance Stock Units

 

In April 2025, the Company settled 1,567,913 outstanding PSUs as a result of the achievement of the total stock price targets (“TSP”) set forth in equity incentive awards (the “PSU Agreements”) previously issued to members of the Company’s management team in 2023 (the “2023 Awards”). The 2023 Awards were separated into four tranches and required that the Company achieve and maintain certain TSPs ranging from $25 to $50 per share during the five-year period following the grant date and a two-year minimum service period. In connection with the settlement of the 2023 Awards, an aggregate of 1,021,330 shares of the Company’s common stock were issued and an aggregate of 546,583 shares of the Company’s common stock were withheld from issuance for payroll tax obligations totaling $12,621,000.