Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 112

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 82 274 240 Net periodic pension credit$(55)$(111)$(160)$(326)Net pension credit is included in “Other income (expense), net” on our condensed consolidated statements of operations. The expected long-term rate of return on invested assets is determined based on the weighted average of expected returns on asset investment categories for the U.K. Plan as follows: 6.1% overall, 9.9% for equities and 6.0% for debt securities.

12. SHAREHOLDERS’ EQUITY

Shareholders’ Equity (Deficit) As of September 30, 2025 there were 4,498,854 shares of our common stock outstanding and 12,000,000 shares authorized at $0.30 par value per share.As of September 30, 2025 there were 75,000 shares of preferred stock outstanding, designated as Series B Preferred Stock, and 500,000 shares authorized at $100.00 par value per share (see Note 13 - Redeemable Preferred Stock for more detail).WarrantsAs of September 30, 2025, and December 31, 2024, APSC Holdco II, L.P. held 500,000 warrants and certain affiliates of Corre collectively held 500,000 warrants, in each case providing for the purchase of one share of the Company’s common stock per warrant at an exercise price of $15.00. If not exercised, the warrants will expire on December 8, 2028. The warrants were evaluated and classified as equity, with their fair value recorded in Additional Paid-In Capital.

19 

On September 11, 2025, in connection with the issuance of the Series B Preferred Stock, the Company issued warrants to the Stellex Holder to purchase:•982,371 shares of the Company’s common stock at an initial exercise price of $23.00 per share (Tranche A), and•470,889 shares of the Company’s common stock at an initial exercise price of $50.00 per share (Tranche B).The warrants are classified as equity and were initially recorded in Additional Paid-In Capital at their estimated fair value of $20.9 million as of the issuance date with no subsequent remeasurement. The warrants are exercisable at any time during the ten-year period following issuance.The exercise price and the number of shares of our common stock issuable on exercise of the warrants are subject to certain antidil