PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Jul. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

PREPAID EXPENSES AND OTHER CURRENT ASSETSPrepaid expenses and other current assets, net consisted of the following:

	Successor		Predecessor
	July 31, 2023		July 31, 2022
	(In thousands)
Aerojet common stock proceeds receivable	$	154,500	$	—
Prepaid expenses	2,217		2,085
Other current assets	1,969		1,466
	$	158,686	$	3,551

As discussed in Note 3 - "Exchange Transaction", the Company recorded $202.7 million to investments, which represents the fair value of the Aerojet common stock transferred to Steel Connect as part of the Exchange Transaction. Prior to July 31, 2023, the Company disposed of all its holdings in Aerojet common stock for a total of $207.8 million. The majority of Aerojet common stock were purchased when L3 Harris closed its merger with Aerojet. As of July 31, 2023, the Company had a receivable of $154.5 million for unsettled proceeds from the disposition of the Aerojet shares. The proceeds were received in August 2023.