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Treasury Stock, Warrant Dividend and Warrants
 9 Months Ended
Sep. 28, 2025
Other Liabilities Disclosure [Abstract]  
Treasury Stock, Warrant Dividend and Warrants Treasury Stock, Warrant Dividend and Warrants
Common Stock Repurchase Plan
On June 30, 2025, our Board of Directors authorized a repurchase plan to buyback up to $60.0 million of shares of our common stock (the “Repurchase Plan”). Prior to the adoption of the Repurchase Plan on June 30, 2025, we did not have a repurchase plan in place in prior years.
During the fiscal quarter ended September 28, 2025, we repurchased 5,437,556 shares of our common stock for $58.4 million pursuant to the Repurchase Plan. The costs for these common stock repurchases are recorded to Treasury Stock, at Cost, on our Condensed Consolidated Balance Sheet.
As of September 28, 2025, we had $1.6 million of capacity for further repurchases of common stock available under the Repurchase Plan. We may make repurchases from time to time through open market purchases or through privately negotiated transactions. Pursuant to the Repurchase Plan, the timing and number of shares of common stock repurchased will be determined at our discretion. We may modify, suspend or discontinue the Repurchase Plan at any time and we are not obligated to repurchase any specific number of shares of common stock.
Warrant Dividend

On July 7, 2025, we declared a special dividend in the form of the Warrants to the holders of record of our common stock as of the close of business on July 17, 2025 (the “Record Date”). Pursuant to the terms of the warrant agreement, dated July 21, 2025, between us and Computershare Inc. and its affiliate, Computershare Trust Company N.A., as Warrant Agent (the “2025 Warrant Agreement”), each holder of record of common stock on the Record Date received one Warrant for every seven shares of common stock held, rounded down to the nearest whole number. In addition, holders of our 2028 Convertible Senior Notes as of the Record Date received Warrants, at the same time and on the same terms, without having to convert their Notes, subject to the terms of the 2025 Warrant Agreement and the indenture governing the 2028 Convertible Senior Notes. At the time of issuance, each Warrant entitled the holder to purchase one share of common stock at an exercise price of $8.75 per Warrant, subject to certain adjustments. The Warrants were exercisable only for cash. On July 21, 2025, 29,233,276 Warrants were issued and distributed to the holders of record of common stock and 2028 Convertible Senior Notes as of the Record Date. In accordance with ASC 815, Derivative and Hedging, we classified the Warrants as equity instruments.
Under the terms of 2025 Warrant Agreement, the Warrants would expire and cease to be exercisable at 5:00 p.m. New York City time on October 1, 2026 (the “Expiration Date”) subject to the Early Expiration Price Condition (defined below). In August 2025, the Early Expiration Price Condition was met and we elected to set August 29, 2025 as the alternate expiration date for the Warrants. On August 29, 2025, the outstanding Warrants expired and ceased to be exercisable.
The Warrants were listed on the Nasdaq Stock Market LLC under the ticker “ENVXW” and commenced trading on July 22, 2025. As the Warrants expired on August 29, 2025, any outstanding Warrants were voided as of 5:00 pm New York time on August 29, 2025. ENVXW ceased trading on Nasdaq Stock Market LLC on that date.
Early Expiration Price Condition and Date for the Warrants
Upon the occurrence of the first 30 consecutive trading day period (the “Reference Period”) that includes 20 trading days on which the daily volume-weighted average price (“VWAP”) of a share of common stock is at least equal to $10.50, subject to certain adjustments provided for in the 2025 Warrant Agreement (such occurrence, the “Early
Expiration Price Condition”, and the last of such 20 trading days, the “Early Expiration Price Condition Date”), the Expiration Date of the Warrants would automatically accelerate to the date (the “Early Expiration Date”) that is the business day immediately following the Early Expiration Price Condition Date. We had elected to set the Early Expiration Date on August 29, 2025 after the Early Expiration Price Condition was met.
Warrants issued to 2028 Convertible Senior Notes’ holders
The Warrants issued to the 2028 Convertible Senior Notes’ holders were considered discretionary. As a result, we recognized $9.2 million as interest expense for the fair value of the Warrants issued to the note holders of 2028 Convertible Senior Notes during the fiscal quarter ended September 28, 2025.
Warrant exercises and issuance costs
We accounted for the Warrants in accordance with ASC 815, Derivative and Hedging. The Warrants are classified as equity financial instruments as the Warrants are indexed to our common stock and require settlement in shares with no net cash settlement provisions. We recorded the issuance of the Warrants to additional paid in capital on the Consolidated Balance Sheet based on the fair value of the Warrants as of July 21, 2025, the date of issuance, The net impact of these entries to the additional paid in capital was zero. No fair value remeasurement of the Warrants, as equity instruments, is required for the subsequent periods.
During the fiscal quarter and fiscal year-to-date ended September 28, 2025, 26,526,344 Warrants were exercised with the exercise price of $8.75 per Warrant and we received gross cash proceeds of $232.1 million from these exercises. Cash received upon exercises of the Warrants were recorded to common stock and additional paid in capital on the Condensed Consolidated Balance Sheets.
In connection with the issuance of Warrants, we incurred $7.9 million of issuance costs, of which $6.6 million was recorded to additional paid in capital on the Condensed Consolidated Balance Sheets as they were directly attributable to the issuance of common stock upon exercises of Warrants. The remaining portion of the issuance costs were expensed as incurred.
Private Placement Warrants
As of September 28, 2025 and December 29, 2024, we had 5,500,000 Private Placement Warrants outstanding. which were originally issued in a private placement to the Sponsor and certain of its members. Each whole Private Placement Warrant became exercisable for one whole share of our common stock at a price of $11.50 per share on December 5, 2021.
In connection with the issuance of Warrants, our Board of Directors approved the change of the exercise price from $11.50 per Private Placement Warrant to an adjusted exercise price of $10.66 per Private Placement Warrant in accordance with the agreement of Private Placement Warrant. The adjusted exercise price was effective on July 21, 2025. For the fair value of the Private Placement Warrants, see Note 4 “Fair Value Measurement.”