WARRANTS (Tables)

12 Months Ended

Dec. 25, 2022

Other Liabilities Disclosure [Abstract]

Summary of Warrant Activity

As of December 25, 2022, the Company had issued outstanding warrants to purchase shares of its Class A common stock as follows:

Issue Date	Number of Warrants Outstanding	Commencement Date	Termination Date	Exercise Price		Value at Grant Date (in thousands)
06/07/2018	102,125	06/07/2018	06/07/2023	$	7.12	$	87
06/27/2018	25,530	06/27/2018	06/27/2023	$	7.12	$	25
07/03/2018	57,439	07/03/2018	07/03/2023	$	7.12	$	58
07/03/2018	22,230	07/03/2018	07/03/2023	$	6.54	$	26
06/19/2019	46,875	12/24/2020	06/19/2024	$	7.27	N/A (1)
10/03/2019	60	10/03/2019	10/03/2024	$	7.73	$	—

07/16/2020	1,318,349	12/24/2020	07/16/2025	$	3.76	$	1,163
07/16/2020	18,648	12/24/2020	07/16/2025	$	3.76	$	64
	1,591,256

(1) Values were not calculated at the issue date because the warrants were only exercisable in the event of a merger involving the Company and FCCG.

The Company’s activity in warrants to purchase Class A common stock for the fiscal year ended December 25, 2022 was as follows:

	Number of Shares	Weighted Average Exercise Price (1)		Weighted Average Remaining Contractual Life (Years)
Warrants outstanding at December 26, 2021	1,707,670	$	4.72	3.2
Grants	—	$	—	—
Exercised	(34,714)	$	3.57	2.6
Cancelled	(81,700)	$	13.35	—
Warrants outstanding at December 25, 2022	1,591,256	$	3.88	2.4
Warrants exercisable at December 25, 2022	1,591,256	$	3.88	2.4

(1) Exercise price adjusted due to cash dividends and Class B stock dividend.

The Company’s warrant activity for the fiscal year ended December 26, 2021 was as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Warrants outstanding at December 27, 2020	2,273,533	$	5.68	4.3
Grants	8,184	$	3.76	3.6
Exercised	(571,198)	$	3.85	3.5
Cancelled	(2,849)	$	3.76	3.6
Warrants outstanding at December 26, 2021	1,707,670	$	4.72	3.2
Warrants exercisable at December 26, 2021	1,707,670	$	4.72	3.2

Schedule of Outstanding Warrants

As of December 25, 2022, the Company had issued outstanding warrants to purchase shares of its Class A common stock as follows:

Issue Date	Number of Warrants Outstanding	Commencement Date	Termination Date	Exercise Price		Value at Grant Date (in thousands)
06/07/2018	102,125	06/07/2018	06/07/2023	$	7.12	$	87
06/27/2018	25,530	06/27/2018	06/27/2023	$	7.12	$	25
07/03/2018	57,439	07/03/2018	07/03/2023	$	7.12	$	58
07/03/2018	22,230	07/03/2018	07/03/2023	$	6.54	$	26
06/19/2019	46,875	12/24/2020	06/19/2024	$	7.27	N/A (1)
10/03/2019	60	10/03/2019	10/03/2024	$	7.73	$	—

07/16/2020	1,318,349	12/24/2020	07/16/2025	$	3.76	$	1,163
07/16/2020	18,648	12/24/2020	07/16/2025	$	3.76	$	64
	1,591,256

(1) Values were not calculated at the issue date because the warrants were only exercisable in the event of a merger involving the Company and FCCG.

The Company’s activity in warrants to purchase Class A common stock for the fiscal year ended December 25, 2022 was as follows:

	Number of Shares	Weighted Average Exercise Price (1)		Weighted Average Remaining Contractual Life (Years)
Warrants outstanding at December 26, 2021	1,707,670	$	4.72	3.2
Grants	—	$	—	—
Exercised	(34,714)	$	3.57	2.6
Cancelled	(81,700)	$	13.35	—
Warrants outstanding at December 25, 2022	1,591,256	$	3.88	2.4
Warrants exercisable at December 25, 2022	1,591,256	$	3.88	2.4

(1) Exercise price adjusted due to cash dividends and Class B stock dividend.

The Company’s warrant activity for the fiscal year ended December 26, 2021 was as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Warrants outstanding at December 27, 2020	2,273,533	$	5.68	4.3
Grants	8,184	$	3.76	3.6
Exercised	(571,198)	$	3.85	3.5
Cancelled	(2,849)	$	3.76	3.6
Warrants outstanding at December 26, 2021	1,707,670	$	4.72	3.2
Warrants exercisable at December 26, 2021	1,707,670	$	4.72	3.2

Schedule of Assumptions Used for Stock-Based Compensation, Warrants

The range of assumptions used to establish the initial value of the warrants using the Black-Scholes valuation model were as follows:

	Warrants
Expected dividend yield	4.00% - 6.63%
Expected volatility	30.23% - 31.73%
Risk-free interest rate	0.99% - 1.91%
Expected term (in years)	3.8 - 5.0