REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables)

3 Months Ended

Mar. 31, 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	$	17,585	$	41,126	March 31, 2023
Series A-1	September 6, 2023	38,000	$	7.63		36,941		15,545		52,486	September 30, 2023
Series A-2	December 15, 2023	35,000	$	6.21		34,006		12,302		46,308	December 31, 2023
Series A-3	March 27, 2024	20,000	$	6.83		19,397		5,916		25,313	March 31, 2024
Series A-4	May 13, 2024	20,000	$	6.42		19,385		4,736		24,121	June 30, 2024
		138,000			$	133,270	$	56,084	$	189,354

(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.