Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 12 – Subsequent Events

On May 4, 2021, we announced that American Express Global Business Travel (“GBT”) has made a binding offer to acquire Egencia, Expedia Group’s corporate travel arm included within our B2B segment. As part of the transaction, Expedia Group would become an approximately 14% shareholder in, and enter a 10-year lodging supply agreement with, GBT. The proposed deal is subject to consultation by Expedia Group and Egencia with their applicable employee representatives, as well as customary closing conditions including regulatory approvals. It is anticipated that the deal would close in 9 to 12 months from time of the binding offer.

On May 4, 2021, the Apollo Purchaser delivered a notice of exercise for the Warrants held by it and expects to receive approximately 2.5 million shares of our common stock in respect thereof. On May 6, 2021, we filed the shelf registration statement as required by the Registration Rights Agreement as described in Note 5 – Capital Stock. In addition, on May 6, 2021, we also submitted notice of prepayment of 50% of the outstanding Series A Preferred Stock, which we expect to be completed on May 20, 2021 at a price equal to 103% of the Preference Amount, plus accrued and unpaid distributions as to the redemption date using cash on-hand.