STOCKHOLDERS' EQUITY |
3 Months Ended | ||
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Dec. 31, 2023 | |||
STOCKHOLDERS' EQUITY [Abstract] | |||
STOCKHOLDERS' EQUITY |
(in thousands, except share and per share data)
Preferred Stock
Series C Cumulative Preferred Stock
Shares of the Company’s Series C Cumulative Preferred Stock (the “Series C Stock”) were initially entitled to receive annual dividends at a rate of
7% per annum of the original issuance price of $500, when and if declared by the Company’s board of directors, with such rate to increase by 2% annually
beginning on the third anniversary of issuance of such Series C Stock to a maximum rate of 13%. By the filing of the Certificate of
Amendment to the Company’s Certificate of Incorporation on March 31, 2022, the annual dividend rate decreased to 5% per annum of the
original issuance price, when and if declared by the Company’s board of directors, and will increase by 1% beginning on January 1, 2024.
Such rate is to increase on each January 1 thereafter for four years to a maximum rate of 9%. The dividend rate of the Series C Stock as of each December 31, 2023 and September 30, 2023 was 5%.
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