Subsequent Events

12 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events. On November 1, 2023 the Company entered into an Agreement and Plan of Merger with Blue Horizon Partners, Inc., an Oklahoma corporation (“Parent”) and Blue Horizon Partners Merger Sub, Inc., a Florida corporation and a wholly owned subsidiary of Parent (“Merger Sub”). The Merger Agreement provides, among other things, and subject to the terms and conditions set forth therein, that Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent. Parent and Merger Sub are affiliates of United Petroleum Transports, Inc. a leading regional bulk transport carrier headquartered in Oklahoma City, Oklahoma. Each share of the Company’s common stock that is issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $16.26 in cash, without interest, subject to any applicable withholding taxes. Upon completion of the transaction, which the parties expect will occur by late 2023 or early 2024, the Company will become a private company and delist from the NASDAQ Global Select Market.