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Shareholders' Equity | 12 Months Ended
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Jun. 29, 2025
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity On December 9, 2024, the Company established an "at-the-market" offering program (the "ATM Program") pursuant to which the Company could offer and sell, from time to time through sales agents, up to $200.0 million of the Company's common stock. The ATM Program was conducted pursuant to an equity distribution agreement (the "Equity Distribution Agreement") entered into by the Company and J.P. Morgan Securities LLC and Wells Fargo Securities, LLC (the "Managers"). The ATM Program concluded on January 14, 2025 and the Company completed the sale of approximately $200.0 million of common stock and, as such, the ATM Program automatically terminated in accordance with the terms of the Equity Distribution Agreement. In total, the Company sold and received payment for 27.8 million additional shares of common stock at a weighted average price of $7.20 per share through the ATM Program for total gross proceeds of approximately $200.0 million and net proceeds of approximately $195.2 million, after $4 million in commissions to the Mangers and $0.8 million in other offering costs. The Company intends to use the net proceeds for general corporate purposes. At June 29, 2025, the Company had reserved a total of approximately 54.5 million shares of its common stock for future issuance as follows (in thousands):
| Number of Shares
For vesting of outstanding stock units | 4,627 |
For future equity awards under the 2023 Long-Term Incentive Compensation Plan | 3,917 |
For future issuance under the Non-Employee Director Stock Compensation and Deferral Program | 28 |
For future equity awards under the Inducement Plan | 2,000 |
For future issuance upon conversion of the 2026 Notes | 16,102 |
For future issuance upon conversion of the 2028 Notes | 7,958 |
For future issuance upon conversion of the 2029 Notes | 19,873 |
Total common shares reserved | 54,505 |
Refer to Note 2, "Basis of Presentation and Summary of Significant Accounting Policies" for additional discussion of the Restructuring Support Agreement and Chapter 11 Cases and the potential implications of these matters on the Company's post-emergence capital structure.

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