Subsequent Event

12 Months Ended

Dec. 31, 2022

Subsequent Events Abstract

Subsequent Event [Text Block]

22. Subsequent Event

Exchange of Series B-1 Preferred Stock for Common Shares

On February 28, 2023, the Company received written notice from Engaged Capital that they have exercised their right to exchange all of their shares of Series B-1 Preferred Stock into 6,089,331 Common Shares, together with a cash payment to adjust for fractional Common Shares, plus accrued and unpaid dividends as of the date of exchange. The Common Shares to be exchanged represent approximately 5.3% of the Company’s issued and outstanding Common Shares on a post-exchange basis. The exchange is expected to be completed on or about March 3, 2023. After the exchange, the exchange shares of Series B-1 Preferred Stock previously held by Engaged will be cancelled and SunOpta Foods will no longer be required to pay the 8.0% per annum dividend on those shares. In addition, in connection with the exchange of the Series B-1 Preferred Stock, all Special Shares, Series 2 held by Engaged Capital will be redeemed by the Company.