Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 18 – Subsequent Events

Series F Preferred Stock and the Series F Securities Purchase Agreement Amendments

On April 6, 2026, the Company and the Series F Preferred Stockholder entered into an Amendment and Restatement of Amendment to Securities Purchase Agreement and Form of Anniversary Warrant (the “Second Series F Preferred Stock Warrant Amendment”). Among other things, the Second Series F Preferred Stock Warrant Amendment amended and restated the First Series F Preferred Stock Warrant Amendment to extend the issuance date of the Series F Preferred Stock Warrants from April 7 to April 9, 2026.

On April 8, 2026, the Company and the Series F Preferred Stockholder entered into a letter agreement (the “Series F Letter Agreement”), pursuant to which, among other things, the Company repurchased 13,727 shares of Series F Preferred Stock from the Series F Preferred Stockholder on April 8, 2026 for an aggregate purchase price of $19.0 million payable in cash, plus all accrued but unpaid dividends on such shares of Series F Preferred Stock through and including the date upon which such shares of Series F Preferred Stock were repurchased (which accrued and unpaid dividends were paid in the form of the Company’s Common Stock issued to the Series F Preferred Stockholder in an amount equal to all such accrued but unpaid dividends, divided by the Market Stock Payment Price (as defined in the Series F Certificate of Designation as of the date of the Series F Letter Agreement, rounded up to the next whole share) (the “Series F Preferred Repurchase Price”).

Additionally, pursuant to the Series F Letter Agreement, the Company issued the Series F Preferred Stockholder a warrant to purchase 4,000,000 shares of Common Stock at an exercise price of $0.01 per share (the “Series F First Penny Warrants”), and if on July 8, 2026, for any reason, the Series F Preferred Stock Warrants have not been issued to the Series F Preferred Stockholder, the Company will issue a warrant to purchase 3,000,000 shares of Common Stock at an exercise price of $0.01 per share (the “Series F Second Penny Warrants”) (collectively, with the Series F First Penny Warrants, the “Series F Penny Warrants”). Further, per the Series F Letter Agreement, upon the Series F Preferred Stockholder’s receipt of the Series F Preferred Repurchase Price and the issuance of the Series F First Penny Warrants, the Series F Preferred Stockholder waived the Company’s obligation to pay the previously announced $3.0 million extension fee.

Pursuant to the Series F Letter Agreement, the parties also extended the issuance date of the Series F Preferred Stock Warrants from April 9 to July 8, 2026 and reduced the number of shares of Common Stock issuable upon exercise of the Series F Preferred Stock Warrants from (1) a number of shares equal to the quotient of (i) 125% of the Stated Value of all Series F Preferred Stock held on the Original Issuance Date, divided by (ii) the average of the 10 daily volume–weighted average per share trading prices of the Company’s Common Stock during the 10 trading days prior to the Original Issuance Date, to (2) a number of shares equal to the quotient of (i) 75% of the Stated Value of all Series F Preferred Stock held on July 8, 2026, divided by (ii) the average of the 10 daily volume–weighted average per share trading prices of the Company’s Common Stock during the 10 trading days prior to the Original Issuance Date.

At-the-Market Offering

On April 6 and 7, 2026, the Company sold approximately 773,000 shares under its ATM for net proceeds of $1.8 million. The Company used the net proceeds from the ATM Offering to fund a portion of the Series F Preferred Repurchase Price discussed above.

Merger Option Exercises

On April 9, 2026, Gary C. Hanna, former President and Director as of March 3, 2026, Edward Kovalik, former Chairman of the Board and Chief Executive Officer as of March 3, 2026, exercised their cashless options and each received 2,091,286 shares of the Company’s Common Stock, for a total of 4,182,572 shares of the Company’s Common Stock.

Series D Preferred Stock Conversions

In April 2026, certain holders of the Company’s Series D Preferred Stock converted 5,938 shares of Series D Preferred Stock into 3,273,391 shares of Common Stock. As a result, 44 shares of Series D Preferred Stock remain outstanding.