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Stock-based Compensation and Stockholders’ Equity (Tables) | 12 Months Ended
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May 26, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Option Weighted Average Assumptions | The following table displays the estimated fair value of stock option grants, and the weighted average assumptions utilized:
| Year Ended
| May 26, 2024 |  | May 28, 2023 |  | May 29, 2022
Weighted-average grant date fair value | $ | 3.91 |  |  | $ | 3.38 |  |  | $ | 2.62 |
Assumptions: |  |  |  |  |
Expected life (in years) | 4.35 |  | 3.50 |  | 2.80
Risk-free interest rate | 4.25 | % |  | 3.14 | % |  | 0.45 | %
Volatility | 58 | % |  | 39 | % |  | 33 | %
Schedule of PSU Fair Value Assumptions | The main inputs to the model were the following:
Valuation Date |  | May 20, 2024
Stock Price |  | $ | 5.94 |
Simulation Term |  | 5.00 years
Expected Volatility |  | 77.86 | %
Risk-Free Rate |  | 4.41 | %
Dividend Yield |  | — | %
Schedule of Share-based Compensation Activity | A summary of the activity under the Company’s stock option plans as of May 26, 2024 and changes during the fiscal year then ended is presented below:
| Options Outstanding |  | Weighted-Average Exercise Price Per Share |  | Aggregate intrinsic Value (in thousands) |  | Weighted-Average Remaining Contractual Term in Years |  |
Options outstanding at May 28, 2023 | 2,374,325 |  |  | $ | 10.88 |  |  | $ | — |  |  | 3.94 |  |
Options granted | 8,400 |  |  | $ | 7.70 |  |  |  |  |  |  |
Options exercised | (95,800) |  |  | $ | 9.38 |  |  | $ | 115 |  |  |  |  |
Options forfeited | (41,984) |  |  | $ | 10.30 |  |  |  |  |  |  |
Options expired | (132,350) |  |  | $ | 11.85 |  |  |  |  |  |  |
Options outstanding at May 26, 2024 | 2,112,591 |  |  | $ | 10.88 |  |  | $ | — |  |  | 2.44 |  |
Options exercisable at May 26, 2024 | 1,885,323 |  |  | $ | 10.94 |  |  | $ | — |  |  | 2.11 |  |
A summary of the Company’s RSU award activity as of May 26, 2024 and changes during the fiscal year then ended is presented below:
| Restricted Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value Per Share
Restricted stock units outstanding at May 28, 2023 | 336,791 |  |  | $ | 9.70 |
Granted | 1,584,005 |  |  | $ | 7.48 |
Vested | (180,942) |  |  | $ | 7.74 |
Forfeited | (117,850) |  |  | $ | 8.68 |
Restricted stock units outstanding at May 26, 2024 | 1,622,004 |  |  | $ | 7.83 |
A summary of the Company’s PSU award activity as of May 26, 2024 and changes during the fiscal year then ended is presented below:
| Performance Stock Units Outstanding |  | Weighted-Average Grant Date Fair Value Per Share
PSU outstanding at May 28, 2023 | — |  |  | $ | — |
Granted | 1,500,000 |  |  | $ | 4.66 |
Vested | — |  |  | $ | — |
Forfeited | — |  |  | $ | — |
PSU outstanding at May 26, 2024 | 1,500,000 |  |  | $ | 4.66 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the stock-based compensation by statement of operations line item:
| Year Ended
(in thousands) | May 26, 2024 |  | May 28, 2023 |  | May 29, 2022
Continuing operations: |  |  |  |  |
Cost of sales | $ | 582 |  |  | $ | 404 |  |  | $ | 314 |
Research and development | 168 |  |  | 193 |  |  | 202 |
Selling, general and administrative | 5,451 |  |  | 3,015 |  |  | 2,126 |
Discontinued Operations | — |  |  | — |  |  | (34) |
Total stock-based compensation | $ | 6,201 |  |  | $ | 3,612 |  |  | $ | 2,608 |

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