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Subscription Agreement | 9 Months Ended
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Nov. 02, 2024
Equity [Abstract] |
Subscription Agreement | Note 10 – Subscription Agreement On October 21, 2024, the Company and Beyond entered into the Subscription Agreement, pursuant to which, upon the approval of Kirkland’s shareholders at the Special Shareholders Meeting, Beyond will purchase $8 million of Kirkland’s common stock at a price of $1.85 per share for a total of 4,324,324 shares. If the $8 million equity purchase under the Subscription Agreement and the mandatory conversion of the Convertible Term Loan are both approved at the Special Shareholders Meeting, the Company will receive additional proceeds of $8 million, and the Convertible Term Loan will convert to equity. After the $8 million equity purchase and the mandatory conversion of the Convertible Term Loan, Beyond would own approximately 40% of Kirkland’s then outstanding common stock. Pursuant to an investor rights agreement, Beyond is subject to a standstill obligation, that among other things, generally restricts Beyond’s ability to acquire more than 40% of the Company’s stock. Any amount of the subscription in excess of the 40% ownership cap would be added to the Non-Convertible Term Loan in accordance with the terms of the Beyond Credit Agreement. If shareholder approval is not obtained by April 19, 2025, the Subscription Agreement shall automatically terminate.

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