SERIES A CONVERTIBLE PREFERRED STOCK |
6 Months Ended |
|---|---|
Jun. 27, 2026 | |
| Equity [Abstract] | |
| SERIES A CONVERTIBLE PREFERRED STOCK | 9. SERIES A CONVERTIBLE PREFERRED STOCK
As of June 27, 2026 and December 27, 2025, the authorized capital stock of the Company included shares of $ par value preferred stock, of which shares have been designated as Series A convertible preferred stock. No shares of Series A Convertible Preferred Stock were issued or outstanding as of June 27, 2026.
On May 28, 2026 Theon exercised its conversion right under the Certificate of Designation to convert all outstanding shares of Series A Convertible Preferred stock into shares of Common Stock. The conversion was effected at a conversion price of $3.00 per share resulting in the issuance of shares of the Company’s common stock to Theon.
As of December 27, 2025, the authorized capital stock of the Company included shares of $ par value preferred stock, of which shares had been designated as Series A convertible preferred stock, of which shares were issued and outstanding.
On October 16, 2025, the Company issued and sold shares of Series A convertible preferred stock at a price of $ per share. The Series A convertible preferred stock was recorded based on its fair value at issuance. The Company assessed the convertible preferred stock for any embedded derivatives that would require bifurcation on the date of each issuance and concluded that there were no such features with more than a de minimis fair value.
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