Annual report pursuant to Section 13 and 15(d)

Note 6 - Capital Stock

v3.20.1
Note 6 - Capital Stock
 12 Months Ended
Dec. 29, 2019
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
6
.
Capital stock
 
Common shares
 
Authorized share capital:
 
The authorized share capital of the Company at
December 29, 2019
and
December 30, 2018
consisted of:
 
 
(i)
As of
December 29, 2019:
38,750,000
shares of common stock (
December 30, 2018:
26,000,000
), par value
$0.01
per share: Holders are entitled to
one
vote per share and the right to share in dividends pro rata subject to any preferential dividend rights of any then outstanding preferred stock.
 
 
(ii)
5,000,000
shares of preferred stock, par value
$0.01
per share: From time to time the Company
may
issue preferred stock in
one
or more series and will fix the terms of that series at the time it is created. As at
December 
29,
2019,
there was
no
outstanding preferred stock. 
 
On
March 13, 2019,
our Board approved the Charter Amendment to our Certificate of Incorporation to increase the number of authorized shares available for issuance under our Certificate of Incorporation. The Charter Amendment to our Certificate of Incorporation increased the total number of authorized shares of capital stock available for issuance by our Company to
43,750,000
shares, consisting of
38,750,000
shares of Common Stock and
5,000,000
shares of Preferred Stock. This amendment was approved by stockholders in the annual general meeting on
May 9, 2019.
 
Issued and outstanding:
 
The outstanding number of common shares included in shareholders’ equity consisted of the following as at the following dates:
 
   
December 29, 2019
    
December 30, 2018
    
December 31, 2017
  
   
Number
of shares
   
$
    
Number
of shares
   
$
   
Number
of shares
    
$
 
                                                 
Common Stock
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
                                                 
Balance at beginning of the period
    
23,189,381
     $
458
      
16,992,627
     $
396
      
16,510,180
     $
391
  
Shares issued pursuant to:
                                                
Issuance of common shares from rights offering
    
4,642,030
      
46
      
5,777,768
      
58
      
—
      
—
  
Treasury Stock (1)
    
(21,264
 )    
—
      
—
      
—
      
—
      
—
  
Conversion of restricted stock units or exercise of stock options
    
385,153
      
4
      
418,986
      
4
      
482,447
      
5
  
                                                 
Balance at end of the year
    
28,195,300
      
508
      
23,189,381
     $
458
      
16,992,627
     $
396
  
                                                 
Total Common Stock
    
 
     $
508
      
 
     $
458
      
 
     $
396
  
 
 
(
1
)
Treasury stock represents vested restricted stock awards issued into shares of common stock withheld by the Company which employees forfeited to address the corresponding tax withholding during the year ended
December 29, 2019.
No
Treasury stock was outstanding as at
December 29, 2019
as it was then issued based on vested restricted stock units during the year ended
December 29, 2019.
No
Treasury stock was issued or outstanding for the years ended
December 30, 2018
or
December 31, 2017.
 
Rights Offering and Registered Direct Offering:
 
In
June 2019,
the Company completed our (i) offering of subscription rights (the “Rights Offering”) to our stockholders and holders of our outstanding warrants as of the close of business on
May 24, 2019,
which was fully subscribed for the maximum offering amount of
$9,136
and (ii) registered direct offering (the “Registered Direct Offering” and, together with the Rights Offering, the “Offerings”) of
1,732,483
shares of our common stock directly to certain investors, resulting in net proceeds to us of approximately
$14,044,
after deducting the offering expenses and fees payable by us. The proceeds of the Offerings were used, in part, to repay the Term Loan B Facility in full as at
July 3, 2019.