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Redeemable Noncontrolling Interest
12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest
As discussed in Note 1, Nature of Operations, the Company must pay either a cash or PIK Dividend related to the Series A Preferred Stock on a quarterly basis. The Company paid two PIK Dividends during the year ended December 31, 2024, resulting in a $3.1 million increase in the liquidation preference of the Series A Preferred Stock resulting in a liquidation preference of $84.1 million as of December 31, 2024.

The Series A Preferred Stock also participates in dividends paid to common shareholders on an “as-converted” basis. As such, the Company paid $0.3 million in participating dividends to the Series A Preferred Stock shareholder during the year ended December 31, 2024.

As described in Note 1, Nature of Operations, the Series A Preferred Stock is exchangeable at the option of the Investor or Shentel in certain circumstances for shares of Common Stock at an exchange price of $24.50 per share. As of December 31, 2024, the Series A Preferred Stock was exchangeable for 3,432,006 shares of Common Stock.