Item 3. Legal Proceedings
Item
3. Legal Proceedings
The Company is named
from time to time as a party to lawsuits and other types of legal proceedings and claims in the normal course of business. The Company
accrues for contingencies when it believes that a loss is probable and that it can reasonably estimate the amount of any such loss.
On March 27, 2024, the Company received a formal
complaint related to breach of a contract with Guggenheim Securities. Guggenheim Securities claims that the Company owes transaction fees
and expenses of $9,556,512.70, in addition to anticipatory repudiation of an additional $1,500,000.00. The Company has accrued $11.1 million
as of December 31, 2023.
Item
4. Mine Safety Disclosures.
Not
applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.