Note 10 - Capital Stock |
6 Months Ended |
|---|---|
Jun. 28, 2026 | |
| Notes to Financial Statements | |
| Disclosure of Employee Stock Ownership Plans [Text Block] |
Note 10 — Capital Stock
Issuance of Common Stock
On February 25, 2025, the Company entered into an At Market Issuance Sales Agreement with Needham & Company, LLC, as sales agent (the "Agent"). On August 14, 2025, the Company amended and restated its At Market Issuance Sales Agreement with the Agent (the "Sales Agreement") in connection with filing a New Registration Statement (as defined below). Pursuant to the Sales Agreement, the Company may offer and sell, from time to time, through the Agent, shares of the Company's common stock, par value of $0.001 per share, having an aggregate offering price of up to $20,000,000.
On August 14, 2025, the Company filed a new Registration Statement on Form S-3 (File No 333-289610) ("New Registration Statement") with the SEC to replace the Company's expiring Registration Statement on Form S-3, under which the Company may sell, from time-to-time, common stock, preferred stock, depositary shares, warrants, debt securities, and units, individually or as units comprised of one or more of the other securities or a combination thereof in an aggregate amount of up to $125,000,000. The Company's registration statement became effective August 22, 2025.
In connection with the New Registration Statement, the Company filed a sales prospectus whereby it amended, restated, and renewed its ATM program, allowing the Company to sell an aggregate offering price of up to $20,000,000 (the "Amended ATM Offering"). The $20,000,000 of shares of the Company's common stock that may be sold under the Amended ATM Offering is included in the $125,000,000 of its securities that may be sold under the New Registration Statement.
During the six months ended June 28, 2026, the Company sold 903 thousand shares under the Amended ATM Offering, resulting in net cash proceeds of approximately $9.5 million. Issuance costs related to the Amended ATM Offering were $203 thousand and $297 thousand, respectively, for the three and six months ended June 28, 2026. In the six months ended June 29, 2025, the Company sold 678 thousand shares under the prior ATM offering, resulting in net cash proceeds of approximately $4.1 million. Issuance costs related to the prior ATM offering were $68 thousand and $157 thousand, respectively, for the three and six months ended June 29, 2025.
Issuance costs for the Company's prior ATM offering and Amended ATM Offering are recorded on a pro-rata basis reflective of the percentage of shares sold to total shares available for sale under the prior ATM offering and Amended ATM Offering, respectively. The Company intends to use the net proceeds from the Amended ATM Offering for general corporate purposes, which may include, but is not limited to, working capital, licensing or acquiring intellectual property or technologies to incorporate in the Company's products, capital expenditures, or to fund possible investments in and acquisitions of complementary businesses, partnerships, or minority investments.
Of the $0.3 million in stock issuance costs recognized on the Company's unaudited condensed consolidated statements of stockholders' equity for the six months ended June 28, 2026, approximately $41 thousand were prepaid in Fiscal Year 2025 and amortized in Fiscal Year 2026. Of the $0.2 million in stock issuance costs recognized on the Company's unaudited condensed consolidated statements of stockholders' equity for the six months ended June 29, 2025, approximately $49 thousand were prepaid in Fiscal Year 2024 and amortized in Fiscal Year 2025. Furthermore, $20 thousand of the Company's stock issuance costs amortized in the six months ended June 29, 2025 were unpaid as of June 29, 2025.
On March 6, 2025, the Company entered into Common Stock Purchase Agreements with certain institutional investors and their affiliated entities for the sale of an aggregate of 256 thousand shares of common stock, par value $0.001, in a registered direct offering, resulting in net cash proceeds of approximately $1.5 million. Issuance costs related to the offering were $20 thousand. The purchase price for each share of common stock was $5.93.
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