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Mezzanine Equity and 2023 Warrant
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Mezzanine Equity and 2023 Warrant

Note 13 – Mezzanine Equity

 

In May 2023, the Company issued to OC III LFE 85,412 shares of non-convertible Series C Preferred Stock, $0.01 par value per share, with an initial stated and fair value of $85,412 or $1,000 per share (the “Preferred Stock”). As of December 31, 2023, 85,412 shares of the Preferred Stock were issued and outstanding. The Company classified the Preferred Stock as mezzanine equity (temporary equity outside of permanent equity) because a deemed liquidation event following a change of control may have required redemption of the Preferred Stock that was not solely within the control of the Company. Dividends were cumulative and accrued at a rate of 17.50% per annum on the initial stated value of the Preferred Stock. Issuance costs of $2,301 were allocated against the outstanding shares of the Preferred Stock upon issuance and amortized using the effective yield method.

 

On December 31, 2024, the Company used the proceeds from the Term Loan to redeem all outstanding shares of Preferred Stock. The Preferred Stock was redeemed at $1,000 per share, for a total redemption price of $113,275, including accrued dividends of $27,863. See Note 11 - Debt Financing and Credit Facilities. As a result of this transaction, there were no Preferred Stock shares issued or outstanding as of December 31, 2024. The Company accelerated any unamortized issuance costs upon redemption, recognizing discount amortization of $1,954 and $347 during the years ended December 31, 2024 and 2023, respectively.