Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events
On April 9, 2024 (the “Agreement Date”), the Company entered into a securities purchase agreement (the "Series C Preferred Stock Purchase Agreement") with certain special purpose vehicles managed by entities affiliated with Mr. Tony Aquila, the Company’s Chief Executive Officer and Executive Chair (collectively, the “Series C Preferred Stock Purchasers”), in connection with the issuance, sale and delivery by the Company of an aggregate of 10,000 of shares (the “Series C Preferred Shares”) of the Company’s Series C Cumulative Perpetual Redeemable Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), which is convertible into shares of Common Stock, and pursuant to which the Company issued warrants (the “Series C Warrants”) to purchase in the aggregate 4.4 million shares of Common Stock, for a total aggregate purchase price of $10,000,000. On May 3, 2024, the Company closed the sale of the Series C
Preferred Shares and the Series C Warrants to the Series C Preferred Stock Purchasers and filed the certificate of designation for the Series C Preferred Stock. The transaction is initially recognized on the settlement date of May 3, 2024. Pursuant to the Series C Preferred Stock Purchase Agreement, on or prior to the date that is 20 business days after the Agreement Date, the Series C Preferred Stock Purchasers or entities affiliated with the Series C Preferred Stock Purchasers had the right, but not obligation, to purchase up to an additional $15,000,000 of Series C Preferred Shares and Series C Warrants on substantially identical terms to the transactions contemplated in the Series C Preferred Stock Purchase Agreement (the “Series C Preferred Stock Additional Purchase Right”). Pursuant to the Series C Preferred Stock Additional Purchase Right, the Series C Preferred Stock Purchasers and certain affiliated entities had in the aggregate elected to purchase 6,500 Series C Preferred Shares and 2.9 million Series C Warrants for a total aggregate purchase price of $6,500,000.
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