Acquisition |
9 Months Ended |
|---|---|
Oct. 01, 2023 | |
| Business Combination and Asset Acquisition [Abstract] | |
| Acquisition | Acquisition On September 18, 2023, the Company entered into a stock purchase agreement (the “Stock Purchase Agreement”) with Rene Limited, a corporation incorporated under the laws of the Republic of Korea (the “Seller”). On October 31, 2023, the Company closed the transaction contemplated by the Stock Purchase Agreement (the “Closing”) to purchase Routejade, Inc. (“Routejade”), a corporation incorporated under the laws of Republic of Korea.
The total estimated purchase consideration of such transaction consists of cash consideration in the amount of approximately $15.8 million and 5,923,521 shares of common stock of the Company, par value $0.0001, for the purchase of substantially all of the outstanding shares of Routejade (the “Routejade Acquisition”). This acquisition constitutes a business acquisition under the accounting standard for business combinations and, therefore, will be accounted for as a business combination using the acquisition method of accounting. Goodwill from this acquisition is not expected to be deductible for tax purposes. The valuation of assets acquired and liabilities assumed are still being appraised by a third-party and as such, the purchase price allocation is not yet complete.
For the quarter and fiscal year-to-date ended October 1, 2023, the Company recorded approximately $1.1 million of acquisition costs, which were included in Selling, general and administrative of the Condensed Consolidated Statements of Operations.
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