Table of Content 14. SHAREHOLDERS’ EQUITY Shareholders’ Equity and Preferred Stock On December 21, 2022, we completed a reverse stock split of our outstanding common stock at a ratio of one-for-ten. The Reverse Stock Split effected a proportionate reduction in our authorized shares of common stock from 120,000,000 shares to 12,000,000 shares and reduced the number of shares of common stock outstanding from approximately 43,429,089 shares to approximately 4,342,909 shares. We have made proportionate adjustments to the number of common shares issuable upon exercise or conversion of our outstanding warrants and equity awards, as well as the applicable exercise prices and weighted average fair value of the equity awards. No fractional shares were issued in connection with the Reverse Stock Split. As of December 31, 2023 there were 4,415,147 shares of our common stock outstanding and 12,000,000 shares authorized with a par value of $0.30 per share. As of December 31, 2023 we had 500,000 authorized shares of preferred stock, none of which had been issued. Warrants In connection with the APSC Term Loan Credit Agreement and the Subordinated Term Loan Credit Agreement, we entered into Warrant Agreements and Waivers related to our common stock. A discussion of these transactions can be found in Note 11 - Debt. Accumulated Other Comprehensive Income (loss) A summary of changes in accumulated other comprehensive loss included within shareholders’ equity is as follows (in thousands): Twelve Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 Foreign Foreign Currency Foreign Currency Foreign Translation Currency Defined benefit Tax Translation Currency Defined benefit Tax Adjustments Hedge pension plans Provision Total Adjustments Hedge pension plans Provision Total Balance at beginning of year $ (31,847) $ 2,988 $ (10,474) $ 336 $ (38,997) $ (25,258) $ 2,988 $ (3,873) $ (589) $ (26,732) Other comprehensive income (loss) 3,006 — (567) (374) 2,065 (6,589) — (6,601) 925 (12,265) Balance at end of year $ (28,841) $ 2,988 $ (11,041) $ (38) $ (36,932) $ (31,847) $ 2,988 $ (10,474) $ 336 $ (38,997) The following table represents the related tax effects allocated to each component of other comprehensive income (loss) (in thousands): Twelve Months Ended December 31, 2023 2022 Gross Tax Net Gross Tax Net Amount Effect Amount Amount Effect Amount Foreign currency translation adjustments $ 3,006 $ 22 $ 3,028 $ (6,589) $ — $ (6,589) Defined benefit pension plans (567) (396) (963) (6,601) 925 (5,676) $ 2,439 $ (374) $ 2,065 $ (13,190) $ 925 $ (12,265) Total 59