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PREFERRED STOCK AND WARRANTS (Tables) | 9 Months Ended
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Sep. 30, 2024
PREFERRED STOCK AND WARRANTS |
Schedule of fair value of preferred stock and warrants | ​
​ | ​ | ​ | ​ | ​
​ |  | Warrants |
​ |  | (Black-Scholes) |
Stock price | ​ | $ | 3.25 | ​
Strike price | ​ | $ | 3.77 | ​
Risk-free rate | ​ |  | 3.59 | %
Volatility | ​ |  | 61.4 | %
Dividend yield | ​ |  | 0.0 | %
Time to expiration (years) | ​ |  | 2.5 | ​
Fair value of Warrant per share | ​ | $ | 1.15 | ​
​ The changes in the Company’s Preferred Stock and Warrant liabilities for the nine months ended September 30, 2024 were as follows (in thousands):
​ | ​ | ​ | ​
​ |  | Preferred stock
​ | ​ | liability
Balance at January 1, 2024 | ​ | $ | 53,337
Payable in-kind dividends |  | ​ | 2,743
Reversal of fair value adjustments |  | ​ | 5,605
Call premium (3%) |  | ​ | 1,851
Redemption (June 25, 2024) | ​ | ​ | (63,536)
Balance at September 30, 2024 | ​ | $ | —
​
​ | ​ | ​ | ​
​ |  | Warrant liability
Balance at January 1, 2024 | ​ | $ | 5,295
Fair value change | ​ |  | 292
Balance at September 30, 2024 | ​ | $ | 5,587

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