OLD HIGHEND THEME UPDATE

I just took over managing 2 WP sites with Highend v 2.4.3. Neither will run php 8+ and cause critical errors and restrict access to the admin dashboard. My question is if I purchase a license and replace these Highend themes with current versions, will they support php 8+? There are 2 sites running this theme. Do I need one license or 2? What do you suggest I do so that I can update the theme and also run the latest version of php (8.4 I believe.)