Item 4 — Purpose of Transaction
The information set forth in Item 3 of this Schedule 13D is incorporated herein by reference. Summary of May 18, 2026 Agreements On May 18, 2026, the Issuer commenced an exchange offer (the "Exchange Offer") to exchange any and all of its 5.00% Convertible Senior Notes due 2027 (the "Existing Convertible Notes") for a pro rata portion of (i) up to $72.0 million in aggregate principal amount of its new 7.50% Convertible Senior Secured First Lien Notes due 2030 (the "New Convertible Notes"), (ii) up to 317,647,058 Common Shares (the Common Shares issued in the Exchange Offer, the "New Shares") or, in lieu of issuing Common Shares to the extent any investor would beneficially own greater than 9.99% of the outstanding Common Shares, prefunded warrants to purchase Common Shares (the "Prefunded Warrants") and (iii) up to 150,000,000 warrants to purchase Common Shares (the "Purchase Warrants"). On June 4, 2026, following receipt of the requisite consents in the concurrent solicitation of consents (the "Consent Solicitation") from holders of the Existing Convertible Notes, the Issuer and Wilmington Trust, National Association, as trustee under the indenture, dated as of May 21, 2020, and a first supplemental indenture, dated as of May 21, 2020 (together, the "Existing Convertible Notes Indenture"), entered into a supplemental indenture to eliminate substantially all of the restrictive covenants, certain of the default provisions and certain other provisions contained in the Existing Convertible Notes Indenture. Also on May 18, 2026, holders of approximately 75.2% of the Existing Convertible Notes, including Valence and Cogence (the "Supporting Noteholders"), entered into a transaction support agreement with the Issuer (the "Transaction Support Agreement") to support the Exchange Offer and Consent Solicitation, including by tendering all of their Existing Convertible Notes in the Exchange Offer and delivering related consents. $30,290,000 aggregate principal amount of Existing Convertible Notes held by Valence and Cogence collectively were tendered to the Issuer prior to 5:00 p.m., New York City time, on June 2, 2026 (the "Extended Early Tender Date"). The exchange of New Convertible Notes, New Shares, and Purchase Warrants for Valence's and Cogence's Existing Convertible Notes was finalized on June 4, 2026 (the "Early Settlement Date"). On the Early Settlement Date, and in exchange for their Existing Convertible Notes, Valence received $10,369,000 aggregate principal amount of New Convertible Notes, 45,745,939 New Shares, and 21,602,250 Purchase Warrants, plus accrued and unpaid interest on such Existing Convertible Notes from, and including, the most recent interest payment date to, but excluding, the Early Settlement Date, equal to $12,006.25, and Cogence received $535,000.00 aggregate principal amount of New Convertible Notes, 2,361,705 New Shares, and 1,115,250 Purchase Warrants, plus accrued and unpaid interest on such Existing Convertible Notes from, and including, the most recent interest payment date to, but excluding, the Early Settlement Date, equal to $619.58. In connection with the early settlement of the Exchange Offer, the Issuer issued $65,174,000 in aggregate principal amount of New Convertible Notes, 254,150,441 New Shares, 33,402,727 Prefunded Warrants and 135,789,000 Purchase Warrants in exchange for the validly tendered and accepted Existing Convertible Notes. Contemporaneously with their entrance into the Transaction Support Agreement, each of Valence and Cogence entered into a voting agreement (the "Voting Agreements") with the Issuer whereby Valence and Cogence agreed to appear at the Issuer's special meeting of stockholders to be held following the Exchange Offer (including any adjournment or postponement thereof, the "Special Meeting") or otherwise cause the New Shares received by them in the Exchange Offer to be counted as present thereat for purposes of determining a quorum, and be present (in person or by proxy) and vote, or cause to be voted, all of the New Shares beneficially owned by them in favor of the Stockholder Proposals (as defined below). It was a condition to the Exchange Offer and Consent Solicitation that valid, binding and enforceable agreements provided by Supporting Noteholders to vote the New Shares received in the Exchange Offer in favor of the Stockholder Proposals were in place with respect to the New Shares to be held by the parties to the Transaction Support Agreement. On June 9, 2026, the Issuer filed a definitive proxy statement with the SEC announcing that the Special Meeting will be held on July 14, 2026, at 9:00 a.m. Pacific Time, unless postponed or adjourned to a later date. Exchange Offer Memorandum and Consent Solicitation Statement The Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on June 16, 2026 (such time and date, as the same may be extended, the "Expiration Deadline"), unless extended or earlier terminated. The