An institutional investor elected to convert approximately $15.9 million of perpetual convertible preferred equity into shares of common stock. The conversion involved 15,868 shares of Series B Preferred Stock, which were originally issued at a purchase price of $1,000 per share, totaling gross proceeds of $15,868,000. The holder exercised its conversion right at a price of $250 per common share, resulting in the issuance of 63,472 shares of common stock. The preferred equity carried no dividend and was perpetual in nature. The company previously disclosed this conversion in its Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 25, 2026.