SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

Note 17

SUBSEQUENT EVENTS

On October 4, 2024, the Company purchased and retired 100,000 shares of common stock of the Company in a private transaction for $218,500. The purchase price per share was equal to the closing price of the Company’s common stock on The Nasdaq Stock Market LLC on the date the transaction was consummated.

On October 31, 2024, the Company entered into a Membership Interest Assignment Agreement (the “Assignment Agreement”), by and among Cowen Inc. (“Cowen”), IMcK Holdings LLC (“Minority Seller” and together with Cowen, the “Sellers”), Kyber Data Science, LLC (“Kyber”) and the Company, pursuant to which the Company acquired all outstanding equity interests of Kyber (the “Transferred Interests”) from the Sellers, effective October 31, 2024 (the “Transaction”). Pursuant to the terms of the Assignment Agreement, at the closing, Sellers transferred and assigned all of the Transferred Interests to the Company in consideration of the Company’s assumption of Kyber’s ordinary course liabilities. The Assignment Agreement also contains a customary post-closing working capital adjustment, if applicable. All outstanding Class B Units of Kyber were cancelled prior to the closing of the Transaction and no consideration was paid to the Class B Unit holders.

On November 8, 2024, the Company’s Board of Directors approved the grant of restricted stock units to employees representing 826,000 shares of common stock of the Company vesting over a four year period.

On November 12 and 13, 2024, the Company entered into a Convertible Promissory Note Redemption Agreement with certain holders of Notes, pursuant to which the Company redeemed $16,000,000 in aggregate principal amount of outstanding Notes and $1,791,041 of accrued interest thereon for an aggregate redemption price of $17,648,408 resulting in an anticipated gain of $142,633.