v3.26.1
Stockholders’ Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders’ Equity

Note 9. Stockholders’ Equity

 

8.00% Cumulative Preferred Stock, Series A

 

As of March 31, 2026, the Company had 677,160 Series A Preferred Stock shares outstanding, compared to 888,884 outstanding as of December 31, 2025. As of May 6, 2026, there were 651,531 shares of Series A Preferred Stock outstanding.

 

Dividends on the Series A Preferred Stock are cumulative from the date of original issue and are payable quarterly on the 15th day of March, June, September and December of each year, when, as and if declared by our Board of Directors or a duly authorized committee thereof. Dividends are payable out of amounts legally available therefore at a rate equal to 8.00% per annum per $25.00 of stated liquidation preference per share, or $2.00 per share of Series A Preferred Stock per year. The Series A Preferred Stock shares trade on the Nasdaq Stock Market under the symbol “FGNXP”.

 

Preferred Stock Share Repurchase Program

 

In December 2025, the Company’s Board of Directors approved a preferred share repurchase program to acquire up to 894,580 shares of the Company’s outstanding Series A Preferred Stock shares (the “Preferred Share Repurchase Program”). The Preferred Share Repurchase Program, which is open-ended, allows the Company to repurchase its preferred shares from time to time in the open market and in negotiated transactions. Any repurchases conducted pursuant to the Preferred Share Repurchase Program will be in accordance with Rule 10b-18 of the Exchange Act and will be made in accordance with applicable laws and regulations in effect from time to time.

 

During the first quarter of 2026, the Company purchased a total of approximately 212 thousand shares of its Series A Preferred Stock at a total cost (including commissions) of approximately $5.3 million. Subsequent to March 31, 2026 and through May 6, 2026, the Company purchased an additional approximately 26 thousand of its Series A Preferred Stock at a total cost (including commissions) of approximately $0.7 million. Through May 6, 2026, the Company has repurchased approximately 27.2% of its Series A Preferred Stock outstanding immediately prior to implementation of the program. All repurchased Series A Preferred Stock are recorded as a reduction to the liquidation value of the Preferred Stock.

 

Common Stock

 

The total number of shares of common stock outstanding as of March 31, 2026 was 6,530,207, compared to 7,080,747 as of December 31, 2025. As of May 6, 2026, there were 6,261,082 shares of common stock outstanding.

 

Common Stock Share Repurchase Program

 

In September 2025, the Company’s Board adopted a share repurchase program to acquire up to $200 million of the Company’s outstanding common stock (the “Share Repurchase Program”). The Stock Repurchase Program, which is open-ended, allows the Company to repurchase its Common Stock from time to time in the open market and in negotiated transactions. Any repurchases conducted pursuant to the Share Repurchase Program will be in accordance with Rule 10b-18 of the Exchange Act and will be made in accordance with applicable laws and regulations in effect from time to time. Subject to applicable rules and regulations, the shares of common stock may be purchased from time to time in the open market transactions and in amounts as the Company deems appropriate, based on factors such as market conditions, legal requirements, and other business considerations.

 

 

During the three months ended March 31, 2026, the Company purchased a total of approximately 0.6 million shares of its Common Stock at a total cost (including commissions) of approximately $8.7 million. Subsequent to March 31, 2026 and through May 6, 2026, the Company purchased an additional approximately 285 thousand shares of its Common Stock at a total cost (including commissions) of approximately $1.9 million. Through May 6, 2026, the Company has repurchased approximately 29.1% of its Common Stock outstanding immediately prior to implementation of the program. All repurchased shares are recorded as treasury stock.

 

Warrants

 

The following table summarizes activity for warrants for the three months ended March 31, 2026:

 

Warrants  Units   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (yrs) 
Outstanding, December 31, 2025   877,316   $28.43    9.5 
Granted   –    –       
Exercised   –    –       
Expired   (1,316)   359.38      
Outstanding, March 31, 2026   876,000   $27.93    9.3