Risk Factors Update Summary
- Transitioned Higher Education deposits and accounts from current to new partner bank, FCB, on December 1, 2023, with a net carrying value of $16.2 million.
- Transitioning to a low-carbon economy may increase expenses and undermine strategies significantly.
- Extended PLBPA agreement with T-Mobile to February 2025, allowing termination with 30 days notice.
- Changes in technology or business strategies could result in impairment of assets.
- Reduced annualized cost reductions from $18 million to $15 million in 2023, with $9 million savings realized and $6 million expected.
- Perceived ineffective response to climate change could impact business model and strategies.
- Decreased the number of outstanding warrants from 17,227,294 to 15,408,815 as of December 31, 2023.
- Reduced full-time employees from approximately 275 to 200 as of December 31, 2023.
- Decreased the number of private placement warrants from 5,475,408 to 4,815,960 as of December 31, 2023.
- Transitioned partnership to FCB exposes transitional risks, including integration challenges and potential disruptions.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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