XML 35 R18.htm IDEA: XBRL DOCUMENT v3.25.2
Shareholders' Equity
 12 Months Ended
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 units4,627 
For future equity awards under the 2023 Long-Term Incentive Compensation Plan3,917 
For future issuance under the Non-Employee Director Stock Compensation and Deferral Program28 
For future equity awards under the Inducement Plan2,000 
For future issuance upon conversion of the 2026 Notes16,102 
For future issuance upon conversion of the 2028 Notes7,958 
For future issuance upon conversion of the 2029 Notes19,873 
Total common shares reserved54,505 
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.