Subsequent events (Tables)

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Disposal Groups, Including Discontinued Operations

The Company expects to recognize a loss on the GCI Divestiture, calculated as follows:

(In thousands)	April 17, 2024
Selling price: $1	$	—
Cash to Global Cooling funded by Company	(4,910)
Approximate costs to sell Global Cooling(1)	(2,409)
Negative selling price	(7,319)
Global Cooling carrying basis as of December 31, 2023(2)	(963)
Estimated net loss on disposal	$	(8,282)

(1) Represents the costs incurred in connection with the GCI Divestiture, including fees to be paid to the broker, attorneys, and other external parties.

(2) The Company is utilizing the carrying basis of Global Cooling as of December 31, 2023 as an estimate for its carrying basis as of the date of divestiture. The carrying basis to calculate the loss on disposal will utilize the carrying basis as of the date of divestiture on April 17, 2024, and may differ from the estimate noted here upon disclosure in the second quarter of 2024.

The following table summarizes the additional costs incurred by the Company in connection with closing the GCI Divestiture and expected to be recorded during the second quarter of 2024:

(In thousands)	April 17, 2024
Global Cooling Term Notes payoff(1)	$	2,596
Assumed liabilities from Global Cooling(2)	2,353
RIF compensation expenses(3)	1,595
Global Cooling employee stock based compensation expense(4)	4,106
Total	$	10,650

(1) As a condition to close the GCI Divestiture, the Company repaid the balance of the Global Cooling Amended Term Notes. For additional information on the terms of the Global Cooling Term Notes, see Note 13: Long-term debt.

(2) As a condition to close the GCI Divestiture, the Company assumed certain accounts payable and accrued expenses from Global Cooling, totaling to approximately $1.8 million and $0.6 million, respectively.

(3) The Company expects to recognize approximately $1.6 million of charges in connection with the RIF, comprised of approximately $1.3 million of stock compensation expense and approximately $0.3 million in cash expenditures, substantially all of which are expected to be related to employee severance costs.

(4) The Company expects to recognize approximately $4.5 million in stock compensation expense in connection with the acceleration of unvested shares for all former employees of the Company that remained with Global Cooling upon the closing of the GCI Divestiture.