Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 29, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 15. Related Party Transactions On January 9, 2026, the Terence E. Adderley Revocable Trust K (“Trust K”) entered into a definitive agreement to sell its entire holding of Class B common stock, which constituted 92.2% of the Company’s outstanding Class B common stock (and voting power), to Hunt Equity for a purchase price of $106.0 million, with an additional contingent payment of $15.2 million if the Company achieves a market capitalization of at least $1.2 billion within the 48-month period following the closing. On January 30, 2026, the transaction closed and Hunt Equity acquired beneficial ownership of 3,039,940 shares of Class B common stock of the Company from Trust K and became the controlling stockholder of the Company with approximately 92.2% of the Company’s outstanding voting stock. This transaction was disclosed in the Subsequent Event footnote in the Company’s Annual Report on Form 10-K filed on February 12, 2026. In connection with the closing, the board of directors was reconstituted to include four Hunt Equity designees, the Company’s CEO, and three continuing directors, with Chris Hunt serving as Chairman of the Board. On January 30, 2026, in connection with the closing, the Company entered into a letter agreement and a registration rights agreement with Hunt Equity. Other than the foregoing, there were no material transactions between the Company and Hunt Equity during the first quarter of 2026.
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