Note 15. Subsequent Events

On July 15 2025, a Special Committee of independent directors recommended and the Company’s board of directors approved, as part of a proposed going private transaction, an amendment to the Company’s certificate of incorporation to effect a reverse stock split (the “Reverse Stock Split”) subject to obtaining the requisite approval of our stockholders at a special meeting of stockholders to be held for that purpose, the date of which meeting has not yet been determined.

Specifically, the board approved the amendment to the Company’s certificate of incorporation to effect a Reverse Stock Split of the Company’s issued and outstanding common stock, including stock held as treasury shares, at a ratio (the “Stock Split Ratio”) of not less than 1-for-2,500 and not greater than 1-for-7,500 (the “Range”), with the exact Stock Split Ratio to be set within the Range without further approval or authorization of the Company’s stockholders at the discretion of the board and included in a public announcement, subject to the authority of the board to abandon the Amendment. The Reverse Stock Split would be undertaken as part of the Company’s plan to go private and terminate the registration of its common stock under Section 12(b) of the Exchange Act, and suspend its duty to file periodic reports and other information with the SEC under Section 13(a) thereunder, and to delist its common stock from The Nasdaq Stock Market. The primary purpose of the Reverse Stock Split is to enable the Company to maintain the number of record holders of its common stock below 300, which is the level at or above which we are required to file public reports with the SEC.

The financial statements do not reflect the proposed Reverse Stock Split.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, the restoration of 100% bonus depreciation, the introduction of new Section 174A permitting immediate expensing of domestic research and experimental expenditures, modifications to Section 163(j) interest expense limitations, updates to the rules governing global intangible low-taxed income, amendments to energy credit provisions, and the expansion of Section 162(m) aggregation requirements. The Company is currently assessing the impact of the OBBBA and an estimate of the impact on the Company’s consolidated financial statements is not yet available. In accordance with U.S. GAAP, the effects will be recognized in the period of enactment.