Subsequent Events |
6 Months Ended |
|---|---|
Jun. 27, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Initial Public Offering On July 31, 2026, the Company completed its IPO, pursuant to which the Company issued and sold 9,478,821 shares of common stock, and the selling stockholders sold an aggregate of 4,583,679 shares of common stock at a price per share of $15.00. The Company received aggregate proceeds of approximately $132.2 million from the IPO, after deducting the underwriting discount of $10.0 million. On September 1, 2026, an additional 229,546 shares of common stock were sold by the selling stockholders pursuant to the underwriters’ partial exercise of their option to purchase additional shares. The Company did not receive any proceeds from the sale of these shares. Upon the completion of the IPO, the Company’s authorized capital stock consists of 500,000,000 shares of common stock, $0.0001 par value per share and 10,000,000 shares of preferred stock, $0.0001 par value per share. Following the IPO, the Company used $110.0 million of the net proceeds for the partial repayment of term loans under the Credit Agreement and $8.5 million to repurchase shares of common stock and outstanding stock options from certain existing stockholders and employees. The remaining proceeds will be used to pay for expenses associated with the IPO and for general corporate purposes. 2026 Omnibus Incentive Plan Effective July 29, 2026, the Company adopted the 2026 Omnibus Incentive Plan (the “2026 Plan”), pursuant to which the Company and its affiliates’ employees, consultants and directors will be eligible to receive incentive awards. The 2026 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock, dividend equivalents, other stock-based awards, substitute awards, annual incentive awards and performance awards, in each case intended to align the interests of participants with those of the Company’s stockholders. In connection with the 2026 Plan, 5,316,858 shares of the Company’s common stock were reserved for issuance. On July 29, 2026, the Board of Directors granted stock options to purchase approximately 0.8 million shares under the 2026 Plan. One-third of such options vest on the first anniversary of the grant date, with the remaining two-thirds vesting in eight equal quarterly installments thereafter, subject to continued service through the applicable vesting dates. The Board of Directors also granted approximately 2.7 million RSUs to certain employees, officers and directors under the 2026 Plan, with vesting terms ranging up to three years. In addition, the Board of Directors granted 300,000 performance-based RSUs to Hali Borenstein, the Company’s Chief Executive Officer (the “Borenstein Performance Award”). The Borenstein Performance Award is eligible to vest based on the achievement of specified stock price targets during the five-year period following the grant date. The award is divided into six tranches, each of which is subject to a separate, progressively higher stock price target. Achievement of the applicable stock price targets will be assessed quarterly, and a target will be deemed achieved if the daily volume-weighted average trading price of the Company’s common stock over any 60 consecutive trading days equals or exceeds the applicable stock price target. The stock price targets range from 1.75 times to 3.0 times the Company’s initial public offering price of $15.00 per share. Depending on the level of achievement of the applicable performance conditions, the payout under the Borenstein Performance Award may range from 0% to 200% of the target number of RSUs.
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