Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events.

Subsequent Events

20. Subsequent Events

Receivable Purchase Agreement

On February 12, 2024, certain of the Company’s subsidiaries entered into a receivables purchase agreement with B. Riley Securities, Inc. (“BRSI”) (as subsequently amended on February 29, 2024, March 29, 2024 and March 31, 2024, the “BR Receivables Purchase Agreement”). Under the terms of the BR Receivables Purchase Agreement, certain of the Company’s subsidiaries agreed to sell certain existing receivables and all of their future receivables to BRSI until such time as BRSI shall have collected $16.4 million, net of any costs, expenses or other amounts paid to or owing to the buyer under the agreement. The Company received an aggregate of $14.9 million in purchase price under the BR Receivables Purchase Agreement.

Repayments on BRCC Facility

During January 1, 2024 through April 3, 2024, the Company repaid $6.0 million of outstanding principal amount under the BRCC Revolver. Accordingly, the amount outstanding under the BRCC Revolver is $13.9 million, as of April 3, 2024.