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Note 10 - Stockholders' Equity
 12 Months Ended
Jan. 01, 2023
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

NOTE 10 — STOCKHOLDERS’ EQUITY

 

Common and Preferred Stock

 

As of January 1, 2023, the Company is authorized to issue 200 million shares of common stock and has ten million shares of authorized but unissued undesignated preferred stock. Without any further vote or action by the Company’s stockholders, the Board of Directors has the authority to determine the powers, preferences, rights, qualifications, limitations or restrictions granted to or imposed upon any wholly unissued shares of undesignated preferred stock.   

 

Issuance of Common Stock

 

On August 17, 2022, the Company filed a Registration Statement on Form S-3 with the SEC, under which the Company  may sell, from time-to-time common stock, preferred stock, depositary shares, warrants, debt securities, and units, individually or as units comprised of one or more of the other securities or a combination thereof. The Company's registration statement became effective on August 26, 2022.

 

On September 14, 2022 and February 9, 2022, the Company entered into common stock purchase agreements with certain investors for the sale of an aggregate of 487 thousand and 310 thousand shares of common stock, respectively, in registered direct offering direct offerings pursuant to our effective shelf registration statements on Form S-3 (File No. 333-266942 and 333-230352, respectively), resulting in net cash proceeds of approximately $3.2 million and $1.5 million, respectively. Issuance costs related to the registered direct offerings were immaterial. The purchase price for each share of common stock in the September 14, 2022 and in the February 9, 2022 placements were $6.57 and $4.78, respectively.

 

On September 22, 2021, the Company entered into a Share Subscription Agreement for the sale of 125 thousand shares of our common stock. On September 30, 2021, the Company entered into a common stock purchase agreement for the sale of 74 thousand shares of the Company's common stock, in a registered direct offering pursuant to our effective shelf registration statement on Form S-3 (File No. 333-230352). The net proceeds to the Company from the Share Placements in aggregate, after deducting equity issuance costs of approximately $45 thousand was approximately $1.0 million. The purchase price for each share of common stock in the Share Placements was $5.43.

 

On June 22, 2020, the Company closed an underwritten public offering of 2.5 million shares of common stock at a price of $3.50 per share. The Company received gross proceeds from the offering of approximately $8.8 million and incurred stock issuance costs of approximately $1.1 million. Under the terms of the underwriting agreement, the Company granted the underwriter a 30-day option to purchase up to an additional 375 thousand shares of common stock to cover overallotments and on July 21, 2020 the underwriters partially exercised the option to purchase 142 thousand additional shares of common stock. The Company received gross proceeds of approximately $0.5 million and incurred additional stock issuance costs of approximately $52 thousand from the sale of additional common stock to cover overallotments. Total gross proceeds received from this offering was approximately $9.3 million and total stock issuance costs were approximately $1.2 million. Net proceeds received from this offering after deducting stock issuance costs was approximately $8.1 million.

 

Warrants exercisable for 386 thousand shares of common stock remain outstanding as of January 1, 2023. The warrants are exercisable any time through May 29, 2023 at a price of $19.32 per share.