Tangible Equity Units (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Proceeds from Issuance Allocated to Equity and Debt Component

The proceeds from the issuance of the Units were allocated to equity and debt based on the relative fair value of the respective components of each Unit as follows:


(in thousands, except value per unit)	Equity Component		Debt Component		Total

Value per unit	$	41.10	$	8.90	$	50.00

Gross proceeds	$	118,164	$	25,586	$	143,750
Less: underwriters' discount	(3,544)		(768)		(4,312)
Proceeds from issuance of Units	$	114,620	$	24,818	$	139,438
Less: issuance costs	(1,163)		(252)		(1,415)
Net proceeds	$	113,457	$	24,566	$	138,023

Schedule of Debt Instrument Settlement Prepaid Stock Purchase Contract

Unless settled early in accordance with the terms of the instruments, each prepaid stock purchase contract will automatically settle on November 15, 2025 (the mandatory settlement date) for a number of shares of the Company’s common stock based on the arithmetic average of the VWAPs of the Company’s common stock on each of the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately preceding November 15, 2025 (applicable market value) with reference to the following settlement rates:


Applicable Market Value			Common Stock Issued
Equal to or greater than the threshold appreciation price			12.9341 shares (minimum settlement rate)
Less than the threshold appreciation price, but greater than the reference price			$50 divided by applicable market value
Less than or equal to the reference price			15.1976 shares (maximum settlement rate)