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Subsequent Events | 9 Months Ended
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Sep. 28, 2019
Subsequent Events [Abstract] |
Subsequent Event | Note 16. Subsequent Event Subsequent to September 28, 2019, on October 25, 2019, Rudolph merged with and into PV Equipment Inc., a wholly-owned subsidiary of the Company, formed to effect the merger of Rudolph with and into PV Equipment Inc., with Rudolph surviving the merger as a wholly-owned subsidiary of the Company. Under the terms set forth in the Merger Agreement, each outstanding share of common stock, par value $0.001 per share, of Rudolph was converted into 0.8042 shares of common stock, par value $0.001, of the Company. Upon closure of the Merger, Rudolph’s common stockholders own approximately 50% and Nanometrics’ common stockholders prior to the Merger own approximately 50% of the outstanding shares of common stock of the combined company on a fully diluted basis. The combined company will account for the acquisition pursuant to the merger agreement as a reverse acquisition using the acquisition method of accounting in accordance with generally accepted accounting principles, with Rudolph being treated as the acquiring entity for accounting purposes. In identifying Rudolph as the accounting acquiring entity, the Company and Rudolph reviewed the accounting guidance as provided in Accounting Standards Codification (“ASC”) Topic 805, “Business Combinations”, which takes into account the type of consideration, the structure of the merger and the other transactions contemplated by the merger agreement, relative outstanding share ownership, the composition of the combined company board of directors, designation of certain senior management positions of the combined company, mainly the Chief Executive Officer and the Chief Financial Officer, relative voting rights, relative size as measured by assets, revenue or earnings as well as other metrics an investor would use for evaluating the respective company’s current and future financial performance, which of the combining entities initiated the combination and where the combined company’s headquarters will be located. The results of Nanometrics’ stockholders’ vote on matters relating to the Merger were included in the Company’s Current Report on Form 8-K filed with the SEC on October 25, 2019, and information regarding the closing of the Merger was included in the Company’s Current Report on Form 8-K filed with the SEC on October 28, 2019. In connection with the Merger, the Company changed its name to Onto Innovation Inc. Its shares of common stock commenced trading on the New York Stock Exchange on October 28, 2019 under the ticker symbol “ONTO.”

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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