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Subsequent Events
3 Months Ended
Apr. 01, 2017
Subsequent Events [Abstract]  
Subsequent Events

On April 26, 2017, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers named therein (the “Purchasers”), pursuant to which the Company agreed to sell and issue up to $25.0 million of its Common Stock at a purchase price of $2.60 per share in three tranches of approximately $3.5 million, $16.4 million and $5.1 million, respectively. The first tranche closed on April 27, 2017, pursuant to which the Company issued 1,346,154 shares of its Common Stock. The second tranche is expected to occur within 30 days of the closing of the first tranche, pursuant to which the Company has agreed to issue 6,303,814 shares of its Common Stock. The third tranche is expected to occur following a related stockholder approval to be solicited as soon as possible after completion of the second tranche.

 

Subject to completion of the second tranche, the Purchase Agreement requires that the Company’s Board of Directors increase the number of authorized directors so as to create two vacant seats on the Board, which vacancies shall be filled by nominees selected by the Purchasers on a date following the Company’s 2017 Annual Meeting of Stockholders.