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Series A Preferred Stock
12 Months Ended
Dec. 31, 2020
Other Liabilities Disclosure [Abstract]  
Series A Preferred Stock

Note 10. Series A Preferred Stock

The Company authorized and issued 30 shares of Series A preferred stock, par value $0.01, to PDL in May 2017. The Series A preferred stock has an aggregate liquidation preference of $30,000 (“stated value”), plus all accumulated and unpaid dividends (whether or not declared). Dividends on each share of preferred stock initially accrued on an annual basis at a rate of 15.00% per annum of the stated value, and subsequently decreased to 5.0% per annum of the stated value effective January 1, 2019 as amended in December 2018.

Dividends were to be payable when and if declared by the board of directors. No dividends were declared by the board of directors from the time of issuance to the Series A Preferred Stock Recapitalization.