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SUBSEQUENT EVENTS | 3 Months Ended
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Mar. 31, 2025
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS Litigation Relating to the Merger On May 27 and May 28, 2025, Shyft was notified of two complaints filed with the Supreme Court of the State of New York County of New York by purported shareholders. The complaints allege that the Proxy Statement was materially incomplete due to certain misrepresentations and omissions, violating New York State law. The complaints name Shyft and its directors as defendants and seek, among other relief, an injunction against the consummation of the Merger. The company believes that the likelihood of a materially unfavorable outcome is currently not probable, and any potential loss cannot be reasonably estimated at this time. Therefore, no liability has been recognized in the financial statements. However, the Company will continue to monitor the situation and may reassess this evaluation as further developments occur. Shyft Executive Retention: Employment Matters In connection with the Merger Agreement and the Transactions, Shyft’s Board and the Human Resources and Compensation Committee (the “HRCC”) reviewed, among other things, executive retention matters. Retention compensation arrangements were approved for key executives Joshua Sherbin and Jacob Farmer to facilitate the Merger's closing. In May 2025, Mr. Sherbin indicated his intention to resign for Good Reason under the Company’s Executive Severance Plan if the Merger is consummated. Subsequently, on May 19, 2025, Shyft and Mr. Sherbin entered into a transition and separation agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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