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Item 1A. Risk Factors.
There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended October 4, 2025. other than as noted below.
Our common stock may be delisted from The Nasdaq Global Select Market if we are unable to regain and maintain compliance with Nasdaq's continued listing standards.
As previously disclosed, on February 11, 2026, we received notification from Nasdaq that our common stock is subject to potential delisting from The Nasdaq Global Select Market because the Company is not in compliance with Nasdaq Listing Rule 5450(b)(3)(C) because, for a period of 30 consecutive business days, the Company failed to maintain a minimum market value of publicly held shares of its common stock of $15,000,000 (as calculated pursuant to Nasdaq Listing Rules) (the MVPHS Rule). We have until August 10, 2026 to regain compliance and, if we do not regain compliance with the MVPHS Rule by the applicable deadline, Nasdaq will provide written notification to us that our common stock will be subject to delisting. At that time, we may appeal Nasdaqs delisting determination to a Nasdaq Listing Qualifications Panel (the Panel). We expect that our common stock would remain listed pending the Panels decision, however, there can be no assurance that, if we do appeal the delisting determination by Nasdaq to the Panel, that such appeal would be successful. There can be no assurance that we will be able to regain compliance with the MVPHS Rule.
If we do not regain and maintain compliance with the Nasdaq standards, our common stock may be delisted from Nasdaq. Any delisting of our common stock would likely adversely affect the market liquidity and market price of our common stock and our ability to obtain financing for the continuation of our operations. Consequently, stockholders may not be able to sell our common stock at prices equal to or greater than the price paid.