The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of SOL and for working capital.
The holders of the Series C Perpetual Preferred Stock will be entitled to receive, when, as and if declared by the Company's Board of Directors, only out of funds legally available for the payment of dividends, cumulative cash dividends at the annual rate of 10.00% of the $100.00 liquidation preference per year, quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, beginning on December 31, 2025.
Holders of the Series C Preferred Stock will have the right to convert their shares of Series C Preferred Stock into shares of the company's common stock (together, if applicable, with cash in lieu of any fractional share of common stock), in certain circumstances and during specified periods, at the then-applicable conversion rate.
The Company will have the right, at its election, to redeem all, and not less than all, of the Series C Preferred Stock, at any time, for cash if the total aggregate liquidation preference of all Series C Preferred Stock then outstanding is less than 25% of the aggregate liquidation preference of the Series C Preferred Stock issued in the offering. In addition, the Company will have the right to redeem all, but not less than all, of the Series C Preferred Stock if certain tax events occur. The redemption price for any Series C Preferred Stock to be redeemed will be a cash amount equal to the liquidation preference of the Series C Preferred Stock to be redeemed (or, in the case of a redemption in connection ...
