XML 46 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Note 16 - Subsequent Events
12 Months Ended
Dec. 29, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 16 SUBSEQUENT EVENTS

 

On January 7, 2025, the Company announced its Board of Directors was actively exploring options for its wholly owned subsidiary, SensiML. Preliminary discussions commenced with potential strategic partners regarding the possible sale of SensiML or its assets. As of the announcement date, the Company started accounting for its SensiML subsidiary under restructuring activities in accordance with ASC 420.

 

Additionally, as of the filing date of March 25, 2025, for the Company's fiscal 2024 annual report on Form 10-K, there have not been any new material developments regarding the disposal of SensiML. As such, the Company is unable to estimate any financial effects related to the disposal of SensiML. The Company continues to evaluate various options for the future of SensiML.

 

On February 25, 2025, the Company entered into an At Market Issuance Sales Agreement (the "Sales Agreement") with Needham & Company, LLC (the "Agent"), pursuant to which the Company may offer and sell, from time to time, through the Agent, as sales agent, shares of the Company's common stock, par value $0.001 per share, having an aggregate offering price of up to $20,000,000 (the "ATM Offering"). The Company intends to use the net proceeds from the 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, to fund possible investments in and acquisitions of complementary businesses, partnerships, or minority investments, or to repay debt. As of March 21, 2025, the Company sold 182 thousand shares under the ATM Offering.

 

On March 6, 2025, the Company entered into Common Stock Purchase Agreements with certain institutional investors for the sale of an aggregate of 256,200 shares of common stock, par value $0.001 (the “Common Stock”), in a registered direct offering. These share placements resulted in gross proceeds of approximately $1.5 million (the “Financing”). The purchase price for each share of Common Stock in the Financing was $5.93. The per share purchase price reflects no discount based upon the 3-day volume weighted average price as of the close of trading on March 5, 2025.

 

On March 14, 2025, the Company entered into the Eighth Amendment (the “Eighth Amendment”) to their Amended and Restated Loan and Security Agreement (as amended, the “Loan Agreement”) dated December 21, 2018, with Heritage Bank of Commerce. The Eighth Amendment, which became effective on March 17, 2025, amends the Loan Agreement to, among other things, extend the loan maturity date for one year through December 31, 2026.