Risk Factors Update Summary
- The company added the use of AI in their operations, including AI-powered solutions and ML-based predictive analytics.
- The company may face penalties under the AI Act, with fines up to EUR 35 million or 7% of worldwide annual turnover.
- Investment entities affiliated with Principal Stockholders now control 70% (down from 76%) of voting power.
- The company's accumulated deficit increased from $187.3 million to $218.4 million as of December 31, 2022.
- The company's research and development expenses decreased from 17% to 15% of revenue.
- The number of directors that are not employed by the company decreased from 59 to 56.
- The company's total current and long-term indebtedness outstanding decreased from approximately $819.4 million to $736.7 million as of December 31, 2023.
- The company's First Lien Term Loan Facility maturity date extended from July 31, 2025, to August 1, 2027.
- Changes in corporate governance documents could impact decisions related to management and business plans.
- The company's Revolving Credit Agreement maturity date extended from May 2, 2025, to 2027.
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=1835681&owner=exclude
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