Subsequent Events |
3 Months Ended |
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Mar. 31, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note R – Subsequent Events
On May 1, 2023, in accordance with the Convertible Preferred Stock Certificate of Designation, the Company issued 6,039.66 shares of Series A Convertible Preferred Stock to holders of record as of April 15, 2023 as paid-in-kind Dividends on the Convertible Preferred Stock. As such, the 87,289.66 outstanding shares of Convertible Preferred Stock were convertible into approximately 28,619,562 shares of the Company’s Common Stock as of May 1, 2023, subject to the 19.99% Limitation.
In accordance with the provisions of the Adams Street Credit Agreement, as amended, the Company met certain requirements to end the incremental 2.00% per annum PIK interest, effective May 1, 2023. The previously suspended requirement to comply with the consolidated total net leverage ratio remains in effect with such requirement to comply resuming with the first fiscal quarter test period ending December 31, 2023.
The Company has evaluated subsequent events after the condensed consolidated balance sheet as of March 31, 2023 through the condensed consolidated financial statements issuance date and there were no additional subsequent events that required disclosure.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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