Subsequent Events

6 Months Ended

Dec. 31, 2022

Subsequent Events.

Subsequent Events

Note 20. Subsequent Events

On January 25, 2023, the stockholders of the Company approved a proposed amendment to the Company’s Certificate of Incorporation to effect a reverse stock split (the “Reverse Stock Split”) of the issued and outstanding shares of common stock, par value $0.001 per share, of the Company at a ratio of between 1-for-3 and 1-for-5, inclusive. Per the approved proposal, the Board of Directors has sole discretion to select a ratio at any whole number in the range.

On January 25, 2023, the Board of Directors approved a 1-for-4 reverse stock split and the Company plans to file an amendment to our Certificate of Incorporation to effectuate the reverse stock split on February 6, 2023. The Company’s common stock will begin trading on a split-adjusted basis on February 7, 2023. Beginning in the third quarter of Fiscal 2023, earnings per share will be retroactively restated for all periods presented.

The following table presents pro forma loss per share on a post-reverse split basis for the three and six months ended December 31, 2022 and 2021:

	(UNAUDITED)
	Three Months Ended				Six Months Ended
	December 31,				December 31,
(In thousands, except share and per share data)	2022		2021		2022		2021
Net loss	$	(36,308)	$	(81,085)	$	(64,327)	$	(103,427)
Basic weighted average common shares outstanding		10,292,710		10,089,532		10,264,152		10,035,744
Diluted weighted average common shares outstanding		10,292,710		10,089,532		10,264,152		10,035,744
Loss per common share
Basic	$	(3.53)	$	(8.04)	$	(6.27)	$	(10.31)
Diluted	$	(3.53)	$	(8.04)	$	(6.27)	$	(10.31)