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REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)
6 Months Ended
Jun. 30, 2025
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

$

19,226

$

42,767

March 31, 2023

Series A-1

September 6, 2023

38,000

$

7.63

36,941

17,639

54,580

September 30, 2023

Series A-2

December 15, 2023

35,000

$

6.21

34,006

14,149

48,155

December 31, 2023

Series A-3

March 27, 2024

20,000

$

6.83

19,397

6,925

26,322

March 31, 2024

Series A-4

May 13, 2024

20,000

$

6.42

19,385

6,416

25,801

June 30, 2024

138,000

$

133,270

$

64,355

$

197,625

(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.