Related Party Transaction

9 Months Ended

Feb. 26, 2022

Related Party Transaction [Abstract]

Related Party Transaction

Note 14 - Related Party Transaction

On August 24, 2020, Mrs. Jean Reed Adams, the wife of the Company’s late founder Fred R. Adams, Jr., and the Fred R.

Adams, Jr. Daughters’ Trust, dated July 20, 2018 (the “Daughters’ Trust”), of which the daughters of Mr. Adams are

beneficiaries (together, the “Selling Stockholders”), completed a registered secondary public offering of

6,900,000

 shares of

Common Stock held by them, pursuant to a previously disclosed Agreement Regarding Common Stock (the “Agreement”) filed

as an exhibit to our 2021 Annual Report. Mrs. Adams and the Daughters’ Trust advised the Company that they were conducting

the offering in order to pay estate taxes related to the settlement of Mr. Adam’s estate and to obtain liquidity. The public

offering was made pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-227742),

including the Prospectus contained therein dated October 9, 2018, and a related Prospectus Supplement dated August 19, 2020,

each of which is on file with the Securities and Exchange Commission. The public offering involved only the sale of shares of

Common Stock that were already outstanding, and thus the Company did not issue any new shares or raise any additional

capital in the offering. The expenses of the offering (not including the underwriting discount and legal fees and expenses of

legal counsel for the Selling Stockholders, which were paid by the Selling Stockholders) paid by the Company were $

1.1

million. Pursuant to the Agreement, the Selling Stockholders reimbursed the Company $

551

 thousand.