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PREFERRED STOCK AND WARRANTS (Tables)

9 Months Ended

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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