Note 11 - Stockholders' Equity

12 Months Ended

Dec. 29, 2024

Notes to Financial Statements

Equity [Text Block]

NOTE 11 — STOCKHOLDERS’ EQUITY

Common and Preferred Stock

As of December 29, 2024, the Company is authorized to issue 200 million shares of common stock and has 10 million shares of authorized but unissued undesignated preferred stock. Without any further vote or action by the Company’s stockholders, the Board of Directors has the authority to determine the powers, preferences, rights, qualifications, limitations, or restrictions granted to or imposed upon any wholly unissued shares of undesignated preferred stock.

Issuance of Common Stock

On December 5, 2024, the Company entered into common stock purchase agreements with certain investors for the sale of an aggregate of 424 thousand shares of its common stock, in a registered direct offering pursuant to an effective shelf registration statement on Form S-3, resulting in net cash proceeds of approximately $3.2 million. Issuance costs of $27 thousand related to the offering were immaterial. The purchase price for each share of common stock in the December 2024 offering was $7.67.

On March 13, 2024, the Company entered into common stock purchase agreements with certain institutional investors and their affiliated entities for the sale of an aggregate of  223 thousand shares of common stock in a registered direct offering pursuant to an effective shelf registration statement on Form S-3, resulting in net cash proceeds of approximately $3.5 million. Issuance costs of $24 thousand related to the offering were immaterial. The purchase price for each share of common stock in the March 2024 offering was $16.00.

On March 21, 2023, the Company entered into common stock purchase agreements with certain investors for the sale of an aggregate of 450 thousand shares of its common stock, in a registered direct offering pursuant to an effective shelf registration statement on Form S-3, resulting in net cash proceeds of approximately $2.3 million. Issuance costs related to the offering were immaterial. The purchase price for each share of common stock in the March 2023 offering was $5.14.

On September 14, 2022 and February 9, 2022, the Company entered into common stock purchase agreements with certain investors for the sale of an aggregate of 487 thousand and 310 thousand shares of common stock, respectively, in registered direct offering direct offerings pursuant to an effective shelf registration statement on Form S-3, resulting in net cash proceeds of approximately $3.2 million and $1.5 million, respectively. Issuance costs related to the September 14, 2022 and the February 9, 2022 offerings were immaterial. The purchase price for each share of common stock in the September 14, 2022 and February 9, 2022 offerings were $6.57 and $4.78, respectively.

On August 17, 2022, the Company filed a new Registration Statement on Form S-3 with the SEC to replace a previously expired Registration 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. The Company's registration statement became effective on August 26, 2022.

Warrants exercisable for  386 thousand shares of common stock at an exercise price of  $19.32 per share were issued on  May 29, 2018 and were exercisable any time for a period of 60 months. These warrants expired unexercised on May 29, 2023.