Woodgrain Plan of Merger

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Woodgrain Plan of Merger

12. WOODGRAIN PLAN OF MERGER

On March 20, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Woodgrain Inc., an Oregon corporation (“Woodgrain”), and HBP Merger Sub, Inc. a Delaware corporation and a wholly-owned subsidiary of Woodgrain (“Merger Sub”) under which Merger Sub will purchase all of the outstanding shares of the Company’s common stock for $10.70 per share. On May 3, 2022, Merger Sub and Woodgrain completed the acquisition of all outstanding shares of the Company, repaid the outstanding borrowings under the Credit Facility dated as of September 29, 2021, and terminated the Credit Facility. Additionally, on May 3, 2022, the Company notified The Nasdaq Market LLC (“Nasdaq”) that the Merger Agreement had been completed and requested that trading of the Company’s shares on Nasdaq be halted prior to the opening of trading on May 3, 2022 and suspended at the close of the trading on May 3, 2022.