INVESTMENTS (Tables)

12 Months Ended

Jul. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investment

The following table summarizes the Company's investments as of July 31, 2024. There were no investments as of July 31, 2023.

	Successor
(in thousands)	July 31, 2024
Convertible loan note investment(a)	$	—
Investments in Equity Securities(b)	41,376
Total	$	41,376

(a)    The Company entered into a new convertible loan note on October 13, 2023, which matures on March 31, 2025. The Company paid 1.0 million GBP (approximately $1.2 million) to subscribe for an amount of £1.0 million (the "loan principal") of 11.0% 2025 unsecured convertible loan notes issued by the investee (the "CLN Instrument Agreement"). Contemporaneous with the execution of the CLN Instrument Agreement, the Company executed the Equity Warrant Instrument Agreement (“Warrant Agreement”), which provides the Company with the option to convert the outstanding balance into equity shares of the investee at any time before repayment of the outstanding loan principal balance. The Company’s £1.0 million investment in the £20.0 million GBP 11.0% unsecured convertible loan notes provides it with an approximate 5.0% ownership interest in the investee on an if-converted basis. Changes in fair value will be recorded in the Company's condensed consolidated statements of operations as the Company elected the fair value option under ASC 825 to account for this investment. Changes in fair value are recorded in the Company's condensed consolidated statements of operations as the Company elected the fair value option under ASC 825 to account for this investment. In April 2024, the Company became aware that the investee had halted its operations while it undergoes a restructuring process. As a result,

the Company determined that the fair value of the investment was zero. The Company recorded a loss of $1.2 million to Other gains, net on the condensed consolidated statements of operations during the third quarter of fiscal year 2024, which was the fair value of the investment as of January 31, 2024. As of July 31, 2024, there was no new information available that would indicate that the fair value of the convertible loan note investment had changed.

(b)    The balance consists of multiple common stock investments in public companies which are measured at fair value.

Unrealized Gain (Loss) on Investments

The amount of unrealized net gains for the fiscal year ended July 31, 2024 that relate to equity securities still held as of July 31, 2024 are as follows:

	Successor
	Fiscal Year Ended July 31,
(in thousands)	2024
Net gains recognized during the period on equity securities	989
Less: Net gains recognized during the period on equity securities sold during the period	453
Unrealized net gains recognized during the period on equity securities still held at the end of the period	$	536