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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

17. Subsequent Events

 

The Company performed an evaluation of subsequent events through the date of filing of these condensed consolidated financial statements with the SEC. Other than the below described subsequent events, there were no material subsequent events which affected, or could affect, the amounts or disclosures on the condensed consolidated financial statements.

 

Series L Preferred Stock

 

As of July 18, 2022, the Company eliminated the Series L Preferred Stock.

 

As disclosed in Note 10, the Company entered into an Extended Rights Agreement, which extended the term of the Rights Agreement originally adopted on May 4, 2021. Even though the stockholders ratified the Extended Rights Agreement, the Board determined that the Rights Agreement was no longer necessary or in the best interest of the Company and its stockholders. The Board thus determined to terminate the Rights Agreement by accelerating its expiration date from May 3, 2024 to July 15, 2022 pursuant to an amendment to the Extended Rights Agreement. The amendment effectively terminated all preferred share purchase rights under the Rights Agreement such that they are no longer issued or outstanding.

 

Compensation Plans

 

From July 1, 2022 through the date these condensed consolidated financial statements were issued, the Company granted common stock options and restricted stock units totaling 125,701 (120,000 are subject to Board consent) all which remain outstanding.