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REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)
12 Months Ended
Dec. 31, 2024
REDEEMABLE CONVERTIBLE PREFERRED STOCK  
Summary of Preferred Stock issuances

Preferred Stock (1)

Issuance Date

Shares

Conversion Price

Net Equity Recorded (2)
(in thousands)

Cumulative
Non-cash Deemed Dividends (2)
(in thousands)

Total Net Equity & Cumulative Deemed Dividends
(in thousands)

Initial Deemed Dividend Date

Series A

March 28, 2023

25,000

$

9.03

$

23,541

$

12,068

$

35,609

March 31, 2023

Series A-1

September 6, 2023

38,000

$

7.63

36,941

13,553

50,494

September 30, 2023

Series A-2

December 15, 2023

35,000

$

6.21

34,006

10,544

44,550

December 31, 2023

Series A-3

March 27, 2024

20,000

$

6.83

19,397

4,279

23,676

March 31, 2024

Series A-4

May 13, 2024

20,000

$

6.42

19,385

3,821

23,206

June 30, 2024

138,000

$

133,270

$

44,265

$

177,535

(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 PIK dividends and non-cash deemed dividends are recorded to increase the carrying value of the preferred stock to its redemption amount.