Debt for Forward Share Purchase Agreements
|3 Months Ended|
Mar. 31, 2022
|Debt Disclosure [Abstract]|
|Debt for Forward Share Purchase Agreements||
9. DEBT FOR FORWARD SHARE PURCHASE AGREEMENTS
As of March 31, 2022, the Company’s debt for forward share purchase agreements amounted to zero.
Yakira Capital Management (“Yakira”)
During the period from January 25, 2021 through March 2, 2021, Yakira provided notice to the Company that it sold all but 219 of the 43,930 shares that it held on December 31, 2020 in the open market at a price above $11.00 per share that were subject to the Third Yakira Amendment. On March 29, 2021, Yakira provided notice to the Company that it would not require the Company to purchase its remaining 219 shares by the term date of March 31, 2021. Following the sale of shares and the lapse of the Third Yakira Amendment mentioned above, the forward share purchase agreement with Yakira was terminated pursuant to its terms, and, as a result, the Company has no further obligations under the Yakira Purchase Agreement. Refer to the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2021 for further information.
Nomura Global Financial Products
On February 25, 2021, in accordance with the terms of the agreement (the “Confirmation”) with Nomura Global Financial Products, Inc. (“NGFP”), NGFP fully terminated the forward share purchase agreement (the “Forward Transaction”) and made a payment in the aggregate amount of $17.0 million to the Company. Following the cash settlement of the Forward Transaction mentioned above, the Forward Transaction with NGFP has terminated pursuant to the terms of the Confirmation, and, as a result, the Company has no further obligations.