Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Event

Subsequent Events (share and cash payment in lieu of fractional share amounts are presented as whole numbers)On October 30, 2020, the Company announced that it will effect a reverse split of the Company’s outstanding shares of common stock (the “Common Stock”), pursuant to Section 2-309(e) of the Maryland General Corporation Law, whereby each 10 shares of Common Stock issued and outstanding as of the effective date of the reverse stock split will be combined into one whole share of Common Stock (the “Reverse Stock Split”). No fractional shares of Common Stock will be issued as a result of the Reverse Stock Split. In lieu of issuing any fractional shares to any stockholder as a result of the Reverse Stock Split, the Company will make, to any stockholder that would otherwise hold a fractional share after giving effect to the Reverse Stock Split, a cash payment in an amount equal to $0.70 multiplied by the number of pre-split shares held by such stockholder with respect to which a fractional share would be issued, which represents a premium of approximately 70% over the 20-day VWAP (volume weighted average price) of the Common Stock on the Best Market tier of the OTC Markets Group, Inc. beginning on October 9, 2020

and ending on October 28, 2020. The Company expects the Reverse Stock Split to be completed in the fourth quarter of 2020 or early in the first quarter of 2021.

On November 16, 2020, the Company announced it had reached an agreement in principle with its first lien lender, PNC, and certain of its stockholders to provide for a new $8,000 term loan (the "Revolving B Term Loan") from such stockholders, subordinated only to the Revolving A Credit Facility. The Revolving B Term Loan will accrue at a rate of 15.0% per annum, which will be paid-in-kind unless the Company qualifies and elects to pay such interest in cash. As part of this agreement in principle, the Company and PNC also agreed to extend the maturity date of the Revolving A Credit Facility to February 28, 2023, and to (i) amend certain aspects of the facility to lower the minimum (on-hand) liquidity requirement that the Company must maintain by $3,750 under the terms the Revolving A Credit Facility, and (ii) increase the interest rate applicable to the Revolving Credit A Facility to LIBOR-base rate plus a margin of 4.0%. The agreement in principle is subject to customary conditions to closing, including execution of acceptable documentation and final approval, which the Company expects to occur during the fourth quarter of 2020.

The Company expects to pay an amendment fee of 0.20% on the $125,000 borrowing capacity of the amended Revolving A Credit Facility.