Risk Factors Update Summary
- The Company's senior secured notes covenants were not met on December 31, 2023, but were waived by holders on March 27, 2024.
- The Company's financial strength ratings were downgraded by A. M. Best and Kroll, impacting its ability to obtain debt.
- The Company transferred its common stock listing from Nasdaq Global Market to Nasdaq Capital Market.
- The Company's ownership by executive officers, directors, and affiliates increased to approximately 71%.
- The Company's ability to make payments on the New Public Notes may be limited.
- The Company's withdrawal from credit rating processes may impact its ability to raise additional capital.
- The Company's failure to meet debt covenants could lead to adverse effects on liquidity.
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.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1502292&owner=exclude
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