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Fair Value Measurements (Tables)
 3 Months Ended
Aug. 25, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities
The following table summarizes the fair value of the Company’s assets and liabilities that are measured at fair value on a recurring and non-recurring basis:
Fair Value at August 25, 2024Fair Value at May 26, 2024

Level 1Level 2Level 3Level 1Level 2Level 3
Liabilities:
Debt derivative liability(1)
$— $— $24,500 $— $— $25,400 
Total liabilities$— $— $24,500 $— $— $25,400 
(1) As of August 25, 2024 and May 26, 2024, the fair value of the debt derivative liability is included on its own line in the Company’s Condensed Consolidated Balance Sheets.
Schedule of Derivative Liabilities Assumptions
Key inputs into the discount rate assumptions during the quarter ended August 25, 2024 and year ended May 26, 2024 were as follows:
Three Months EndedYear Ended
August 25, 2024May 26, 2024
Assumptions
Discount rate
20.4% — 22.2%
21.3% — 23.5%
Implied spread
16.8%
16.8% — 17.9%
Risk free rate
3.7% — 5.5%
4.3% — 5.6%
Schedule of Fair Value Reconciliation of Level 3
The following table reflects the fair value roll forward reconciliation of Level 3 assets and liabilities measured at fair value for the following periods:
Three Months Ended
August 25, 2024August 27, 2023
Balance at beginning of period$25,400 $64,900 
Decrease in fair value(1)
(900)(200)
Balance at end of period$24,500 $64,700 
(1) For the three months ended August 25, 2024 and August 27, 2023, the decreases in fair value are recorded in the “Change in fair value of debt derivative liability, related party” line within the condensed consolidated statement of operations.