Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

The Terminated Merger

The Merger Agreement was previously terminated on December 20, 2021 pursuant to the Termination Agreement following the Company’s receipt of a portion of the Termination Fee equal to $51,000 thousand from Parent and the issuance of a standby letter of credit, which secured a deferred portion of the Termination Fee equal to $19,200 thousand from Parent due on or before March 31, 2022. In connection therewith, the Company, Parent and Wise Road entered into a first amendment to the Termination Agreement, dated April 4, 2022, pursuant to which Parent agreed to pay the Company $19,200 thousand, of which $14,400 thousand has been paid on April 4, 2022 and payment of the remaining $4,800 thousand (which amount is secured by a new standby letter of credit, dated April 4, 2022), will be paid by Parent on or before June 30, 2022.

Derivative contracts

In April 2022, the Company and NFIK entered into derivative contracts of zero cost collars for the period from April 2023 to December 2023. The total notional amounts are $33,000 thousand.

In April 2022, the Company and SC entered into derivative contracts of zero cost collars for the period from October 2022 to March 2023. The total notional amounts are $18,000 thousand.