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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

23. SUBSEQUENT EVENTS

 

2025 ATM Offering

 

During the period between October 1, 2025 through November 4, 2025, the Company sold an aggregate of 172.7 million shares of Class A common stock pursuant to the 2025 ATM Offering for gross proceeds of $86.2 million.

 

Conversions of Convertible Notes

 

Between October 1, 2025 through November 17, 2025, the Company issued approximately 5.8 million shares of its Class A common stock upon the conversion of approximately $2.3 million in aggregate principal and accrued interest under its outstanding convertible notes payable.

 

Series B Preferred Stock

 

Between October 1, 2025 through November 17, 2025, the Company sold an aggregate of 8,500 shares of its Series B Convertible Preferred Stock for gross proceeds of approximately $8.5 million. In addition, during that same period, an aggregate of $5.5 million in stated value of Series B Convertible Preferred Stock was converted into approximately 13.8 million shares of the Company’s Class A common stock.

 

Extension of Series H Preferred Stock Purchase Agreement

 

On November 7, 2025, the Company and Ault & Company entered into an amendment to the Series H Convertible Preferred Stock Purchase Agreement (the “Series H SPA”) to extend its termination date. Under the amendment, the termination date will be extended to the later of (i) one year after the Company has a sufficient number of authorized shares of Class A common stock to satisfy all conversion and share-reserve requirements under the Series H SPA or (ii) December 31, 2027.