Common Stock |
3 Months Ended |
|---|---|
Apr. 03, 2026 | |
| Common Stock [Abstract] | |
| COMMON STOCK | 13. COMMON STOCK
As of April 3, 2026 and December 31, 2025, the Company had 500,000,000 shares of $0.001 par value Class A common stock authorized, of which 20,122,721 shares of Class common stock were issued and outstanding. As of April 3, 2026 and December 31, 2025, the Company had 40,000,000 shares of $0.001 par value Class B common stock authorized, of which 466 shares of Class B common stock were issued and outstanding.
Holders of the Company’s Class A common stock are entitled to one vote per share while holders of the Company’s Class B common stock are entitled to 10,000 votes per share. In the event of a liquidation, dissolution, winding-up, or deemed liquidation event of the Company, proceeds available for distribution or allocation will be distributed or allocated among the common stockholders on a pro rate basis. In addition, holders of common stock are entitled to receive dividends, if and when declared by the Company’s board of directors. As of April 3, 2026 and December 31, 2025, the Company has not declared dividends. Prior to the Reorganization, the Company was previously an S Corporation and treated as a pass-through entity for tax purposes. During the three months ended March 31, 2025, stockholder distributions for taxes totaled approximately $1.8 million, which is included within stockholder distributions in the consolidated statements of changes of stockholders’ equity.
In connection with the IPO, on April 22, 2026, the Company redeemed and cancelled all outstanding shares of the Class B common stock and filed a second amended and restated certificate of incorporation, which, among other things, consolidated and reclassified all Class A common stock and Class B common stock into a single class of common stock. See Note 1 – Business and Organization – Initial Public Offering for further information. |