(3) |
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? x Yes ¨ No If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. As a result of the closing of the Transaction, the Company expects to recognize a gain on sale of a business in excess of $150.0 million, which resulted in the Company recognizing net income for each of the three and six months ended June 30, 2025, as opposed to a net loss for each of the three and six months ended June 30, 2024. The Company also repaid with a portion of the proceeds of the Transaction all obligations and all amounts borrowed, and all obligations terminated, under the financing agreement with Blue Torch Finance LLC, a Delaware limited liability company, as administrative agent and collateral agent, and certain lenders, and the loan agreement with the Strategic Innovation Fund, which collectively resulted in a loss on extinguishment of debt of approximately $12.0 million during each of the three and six months ended June 30, 2025. The Company also incurred significantly greater general and administrative expenses in the three and six months ended June 30, 2025, as compared to the corresponding prior year periods, primarily as a result of higher third-party accounting, legal and other consulting services relating to the restatement of the Company’s previously issued financial statements and the Transaction. In addition, the Company’s preliminary, unaudited revenue for the three and six months ended June 30, 2025 is expected to be in the range of $18.0 million to $19.0 million and $41.9 million to $42.9 million, respectively, as compared to $25.4 million and $60.2 million for the three and six months ended June 30, 2024, respectively. The reductions in revenue during the three and six months ended June 30, 2025 are primarily attributable to the closing of the Transaction on April 25, 2025, as the Company received revenue from the divested maritime business for the entirety of the three and six months ended June 30, 2024 but only a portion of the three and six months ended June 30, 2025. Cautionary Note Regarding Forward-Looking Statements This filing contains forward-looking statements, including statements about the preparation of the Company’s condensed consolidated financial statements as of June 30, 2025 and for the three and six months ended June 30, 2025, the Company’s estimated financial results for the three and six months ended June 30, 2025, the cause of the delay in preparing and filing the Quarterly Report, and the timing of filing the Quarterly Report, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of the Company to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents the Company files with the Securities and Exchange Commission (the “SEC”), including but not limited to, the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2024, as well as subsequent reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results. The forward-looking statements included in this filing are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Preliminary Financial Results This filing includes estimated financial results for the three and six months ended June 30, 2025, which are preliminary, unaudited and represent the most recent current information available to Company management. The Company’s actual results may differ from these estimated financial results, including due to the completion of its financial closing procedures and final adjustments. |