CONVERTIBLE NOTES

12 Months Ended

Dec. 31, 2024

CONVERTIBLE NOTES

CONVERTIBLE NOTES

NOTE 9 - CONVERTIBLE NOTES

In September 2024, the Company repaid all of the $20.42 million outstanding principal and interest payable under the 2024 Notes. The repayment of the convertible notes at maturity was financed entirely with available cash.

The 2024 Notes were issued pursuant to an indenture entered into between the Company, the guarantors party thereto, The Bank of New York Mellon Trust Company, N.A., as trustee and Wilmington Savings Fund Society, FSB, as collateral agent. Interest on the 2024 Notes was payable semi-annually at a rate of 7.50% per annum. The outstanding 2024 Notes matured three years after the issuance thereof and were guaranteed by the Company’s subsidiaries. The 2024 Notes were secured by perfected liens on all of the assets of the Company and its subsidiaries.

The following table sets forth total interest expense recognized related to the 2024 Notes:

	Year Ended December 31,
(U.S. dollars in thousands)	2022		2023		2024*
Contractual interest expense	$	2,156	$	2,534	$	1,022
Amortization of debt issuance costs and debt discount		300		267		—
Total	$	2,456	$	2,801	$	1,022

* See also Note 1(r).