Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity

Shareholders' Equity

19. Shareholders’ Equity

Share Issuances

At-the-Market Offering Program

In January 2024 the Company filed a registration statement on Form S-3, which included a base prospectus which covers the offer, issuance and sale of up to an aggregate of $750.0 million of the registrant’s common stock, preferred stock, debt securities, depositary shares, warrants, purchase contracts and units and an at-the-market offering prospectus supplement covering the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $500.0 million of common stock that may be issued and sold under an at-the-market-offering agreement.

As of December 31, 2024, the Company has remaining capacity to issue up to $500.0 million of common stock under the at-the-market offering program.

Stock Repurchase Program

On May 30, 2023, the Company authorized a stock repurchase program, under which it may repurchase up to $25 million of its common stock. The primary goal of the repurchase program is to allow the Company to opportunistically repurchase shares, while maintaining the Company’s ability to fund its development projects. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or through privately negotiated transactions. The timing, volume and nature of stock repurchases, if any, will be in the Company’s sole discretion and will be dependent on market conditions, applicable securities laws, and other factors. The stock repurchase program may be suspended or discontinued at any time by the Company and does not have an expiration date.

The Company repurchased 7.2 million shares of common stock for $4.7 million under the stock repurchase program during the year ended December 31, 2024. Shares were repurchased at market value, and were retired immediately upon repurchase. The Company did not repurchase any shares during the year ended December 31, 2023. As of December 31, 2024, approximately $20.3 million remained available under the stock repurchase program.

Warrants

In addition to the Series 2022-A Warrants, the Company has warrants outstanding that were issued in conjunction with a registered direct offering in August 2020 (the “Series 2020-A Warrants”). The Company evaluated the Series 2022-A Warrants and Series 2020-A Warrants for liability or equity classification and determined that equity treatment was appropriate because both the Series 2022-A Warrants and Series 2020-A Warrants do not meet the definition of liability instruments.

The Series 2022-A Warrants and Series 2020-A Warrants are classified as a component of equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable and will expire five years from the date of issuance, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the Series 2022-A Warrants and Series 2020-A Warrants do not provide any guarantee of value or return.

The following table sets forth information pertaining to shares issued upon the exercise of warrants:

						Shares	Shares
						Issued upon	Underlying
					Shares	Warrant	Warrants
			Exercise		Underlying	Exercises as	Outstanding
			Price as of		Warrants on	of	as of
	Issuance	Expiration		December 31,	Issuance	December 31,	December 31,
	Date	Date	2024		Date	2024	2024
Series 2020-A Warrants (1)	7/6/2020	7/6/2025	$	0.60	30,000,000	29,995,867	4,133
Series 2022-A Warrants (1)	6/8/2022	6/7/2027	$	4.37	33,333,336	—	33,333,336
Total Warrants					63,333,336	29,995,867	33,337,469

(1) Equity-classified warrants.

During the year ended December 31, 2024, common stock was issued as a result of the exercise of warrants as shown below (dollars in thousands):

	Common Stock
	Issued	Proceeds
Series 2020-A Warrants	81,798	$	49

No warrants were exercised during the year ended December 31, 2023.