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Subsequent Event | 6 Months Ended
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Dec. 28, 2024
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event On January 19, 2025, we entered into an Asset Purchase Agreement with Broadcom Inc., or Broadcom, to acquire certain assets and assume certain liabilities related to an Android customer, or the Acquired Customer Business, and obtain non-exclusive licenses relating to certain of Broadcom’s Wi-Fi, Bluetooth and GPS/GNSS products and technology for the IoT and Android TM ecosystem for aggregate consideration of $198.0 million, which closed on January 30, 2025, or the Closing Date. We also entered into an amendment to the Existing Product License Agreement with Broadcom and an amendment to the existing Derivative and Roadmap Products Agreement, pursuant to which Broadcom will provide (i) certain non-exclusive licenses to us for the right to manufacture and sell products relating to the IoT and Android TM ecosystem, (ii) development services for certain roadmap products, (iii) an agreement not to grant any third party the right to manufacture and sell the newly licensed products for the Acquired Customer Business for 42 months following the Closing Date, and (iv) an agreement not to grant any third party the right to manufacture and sell a certain roadmap product for the IoT and Android TM ecosystem for one year after production readiness. Additionally, we have entered into a Transition Services Agreement with Broadcom, under which both parties will provide one another with certain transition services following the Closing Date. On January 28, 2025, Michael Hurlston notified the Company of his resignation from his position as President and Chief Executive Officer and from the board of directors (the “Board”) of the Company, effective February 3, 2025, to pursue another opportunity. His resignation was not the result of any dispute or disagreement with the Company or the Board. On January 28, 2025, the Board appointed Ken Rizvi, the Company’s Chief Financial Officer, as the interim Chief Executive Officer and principal executive officer, and Nelson Chan, the Chairman of the Board, as the interim Executive Chairman, each effective February 3, 2025. Mr. Rizvi will continue to serve as Chief Financial Officer while he is the interim Chief Executive Officer.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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