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Merger
6 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Merger

Note 2. – Merger

 

On January 6, 2025, the Company and Regional Health Properties, Inc. (“Regional”) jointly announced that they have entered into a definitive agreement and plan of merger (the “merger agreement”), dated January 3, 2025 pursuant to which the Company to merge with and into Regional (the “merger”) in exchange for the issuance of an aggregate of 1,410,000 shares of Regional common stock and 1,410,000 shares of Regional’s newly-authorized Series D 8% Cumulative Convertible Redeemable Preferred Stock with a liquidation preference of $10 per share. The merger has been approved unanimously by each company’s board of directors and completion of the transaction is subject to the receipt of the approvals of the shareholders of both Regional and the Company, regulatory approvals and satisfaction of customary closing conditions. If this merger is concluded after shareholder approved, then Regional will be the surviving entity and the Company will no longer exist.