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REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)
9 Months Ended
Sep. 30, 2024
REDEEMABLE CONVERTIBLE PREFERRED STOCK  
Summary of Preferred Stock issuances

Preferred Stock (1)

Issuance Date

Shares

Conversion Price

Net Equity Recorded (2)
(in thousands)

Deemed Dividend Date

Cumulative

Non-cash Deemed Dividends (2)

(in thousands)

Series A

March 28, 2023

25,000

$

9.03

$

23,541

March 31, 2023

$

10,687

Series A-1

September 6, 2023

38,000

$

7.63

$

36,941

September 30, 2023

$

11,596

Series A-2

December 15, 2023

35,000

$

6.21

$

34,006

December 31, 2023

$

7,657

Series A-3

March 27, 2024

20,000

$

6.83

$

19,397

March 31, 2024

$

3,362

Series A-4

May 13, 2024

20,000

$

6.42

$

19,385

June 30, 2024

$

2,284

138,000

$

133,270

$

35,586

(1)At the option of the Company, Series A through A-4 receive either annual dividends paid in cash at a fixed rate of 14.5% or accrued annually at a fixed PIK rate of 16.0%.
(2)The preferred stock is originally recorded net of original issue discount and accrued offering costs as mezzanine equity (temporary equity) and subsequently a non-cash deemed dividend is recorded to increase the carrying value of the preferred stock to its redemption amount.