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Subsequent Events | 12 Months Ended
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Dec. 31, 2023
Subsequent Events [Abstract] |
Subsequent Events |
| 20. | Subsequent Events
In January 2024, the Company borrowed $25.0 million under its line of credit. This $25.0 million was paid back in February 2024. In February 2024, Bitmain repurchased the remaining 6,689,520 Series B+ shares held by the Company’s subsidiary, Newegg Tech Corporation. As a result of the repurchase, the Company recognized a gain on sales of investment of $1.5 million in February 2024 with a carrying value of the investment at $0 as of February 29, 2024. In February and March 2024, the Company repurchased 2,043,138 shares of its common stock for $2.0 million under the $10 million share repurchase program approved in November 2023. In April 2024, the Company signed a non-binding Term Sheet with East West Bank for a three-year $100 million revolving credit facility. The Company expects to finalize the terms and conditions of this revolving credit facility prior to the expiration of its existing revolving credit facility on August 20, 2024.

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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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