Preferred Stock

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Preferred Stock

13. Preferred Stock

The Company has the authority to issue 1,000,000 shares of preferred stock, $0.01 par value per share, consisting of authorized and/or outstanding shares as of June 30, 2023 as follows:

● 1,800 authorized shares designated as “Series G Convertible Preferred Stock”, of which 168 shares are outstanding.

● 23,000 authorized shares designated as “Series H Convertible Preferred Stock” (as further described below), of which 12,856 shares are outstanding.

Series H Convertible Preferred Stock – All the outstanding shares of Series H convertible preferred stock automatically convert into shares of the Company’s common stock on the fifth anniversary of the initial first closing, or August 10, 2023, at the conversion price of $7.26 per share. Further information is provided under the heading Series H Convertible Preferred Stock in Note 20.