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Subsequent Event | 6 Months Ended
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Jun. 29, 2024
Subsequent Events [Abstract] |
Subsequent Event | 13. Subsequent Event On August 4, 2024, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with Lind Global Asset Management IX LLC, an entity managed by The Lind Partners, LLC (together, “Lind”) pursuant to which the Company issued a senior convertible promissory note (the “Note”) to Lind, raising net proceeds of approximately $3.4 million at closing. Subject to certain conditions, the Company may issue a subsequent note with substantially similar terms (the “Subsequent Note”, and together with the Note, the “Lind Notes”) to Lind for additional proceeds of approximately $1.5 million. The Note has (and the Subsequent Note, if issued, will have) a 24-month term. The Note was issued on August 7, 2024 and has a principal amount of $4,200,000 and the Subsequent Note, if issued, will have a principal amount of up to $1,800,000. The Note is convertible at Lind’s option into shares of the Company’s common stock at an initial conversion price of $2.44, subject to any adjustments set forth in the Note, provided no such adjustment shall result in a conversion price that is less than $0.39. Commencing 120 days from the issuance date of the Note, subject to certain conditions, the Company will repay the outstanding principal amount of the Note in twenty consecutive monthly installments. At the Company’s option, such repayments can be made in cash plus a 4% premium, a number of shares of the Company’s common stock (the “Repayment Shares”) determined by dividing the portion of the principal amount of the Note being paid in shares of the Company’s common stock by 90% of the average of the five (5) lowest daily VWAPs during the twenty (20) trading days prior to the applicable payment date (subject to a floor price of $0.39), or a combination of cash and Repayment Shares. The total number of shares of the Company’s common stock issuable pursuant to the terms of the Transaction Documents (as defined in the Securities Purchase Agreement) is capped at (i) prior to the receipt of stockholder approval, a number of shares of the Company’s common stock equal to 19.99% of the number of shares of the Company’s common stock outstanding as of August 4, 2024, and (ii) following the receipt of stockholder approval, a number of shares of the Company’s common stock equal to 30% of the number of shares of the Company’s common stock outstanding as of August 4, 2024. Refer to our 8-K filed on August 5, 2024 for further details.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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