| Capital Stock |
Common shares
Authorized share capital:
The authorized share capital of the Company at January 3, 2021 and December 29, 2019 consisted of:
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(i)
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As of January 3, 2021: 38,750,000 shares of common stock (December 29, 2019: 38,750,000), 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.
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(ii)
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5,000,000 shares of preferred stock, par value $0.01 per share: From time to time the Company may issue preferred stock in one or more series and will fix the terms of that series at the time it is created. As at January 3, 2021, there was no outstanding preferred stock.
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Issued and outstanding:
The outstanding number of common shares included in shareholders’ equity consisted of the following as at the following dates:
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January 3, 2021
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December 29, 2019
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December 30, 2018
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Number
of shares
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$
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Number
of shares
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$
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Number
of shares
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$
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Common Stock
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Balance at beginning of the period
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28,195,300
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$
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508
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23,189,381
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$
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458
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16,992,627
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$
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396
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Shares issued pursuant to:
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Issuance of common shares from
rights offering
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—
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—
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4,642,030
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46
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5,777,768
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58
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Treasury Stock (1)
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(124,048
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)
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(1
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)
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(21,264
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)
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—
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—
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—
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Conversion of restricted stock
units or exercise of stock options
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442,558
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4
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385,153
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4
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418,986
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4
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Balance at end of the year
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28,513,810
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511
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28,195,300
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508
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23,189,381
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458
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Total Common Stock
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$
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511
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$
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508
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$
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458
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(1)
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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 January 3, 2021 and December 29, 2019. Treasury stock of 124,048 was outstanding as at January 3, 2021. No Treasury stock was outstanding as at December 29, 2019 or December 30, 2018.
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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.
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