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Note 13 – Stockholder’s Equity Preferred Stock
The Company is authorized to issue 9,840,000 shares of preferred stock, excluding the Series A Preferred Stock, with a par value of $0.0001. There were no shares of preferred stock that were issued or outstanding at June 29, 2025 or December 31, 2024, other than the Series A Preferred Stock discussed above.
Common Stock
The issuance of a dividend is dependent on a variety of factors, including but not limited to, available cash and the overall financial condition of the Company. The issuance of a dividend is also subject to legal restrictions and the terms of the Company’s credit agreement. The Company did not issue dividends related to its common stock in the six periods ended June 29, 2025 and the six months ended June 30, 2024, respectively.
Stock Purchase Program
The Company’s Board of Directors authorized a repurchase program of up to $15.0 million of outstanding common stock that was completed in December 2023. In March 2024, the Company’s Board of Directors authorized an additional $5.0 million of repurchases under this program. During the three and six periods ended June 29, 2025, the Company paid an aggregate consideration of $0.6 million and $0.9 million, respectively, for the repurchases of 0.2 million and 0.3 million shares, respectively. During the three and six months ended June 30, 2024, the Company repurchased 0.2 million shares for $0.9 million. As of June 29, 2025, the Company had repurchased 3,320,498 shares for $19.1 million under the repurchase program.
Warrants In connection with the Benihana Acquisition, on May 1, 2024, the Company issued both market and penny warrants to the following holders of the Series A Preferred Stock. The holders of the penny warrants are entitled to receive any dividends issued to common stockholders. The Company has the following warrants to purchase shares of common stock outstanding as of June 29, 2025 and December 31, 2024.
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