Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Shareholder Rights Plan

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Note 9 - Shareholder Rights Plan
9 Months Ended
Dec. 26, 2020
Notes to Financial Statements  
Shareholder Rights Plan [Text Block]
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9
)
     
Shareholder Rights Plan
  
On
October 12, 2020,
the Company adopted a shareholder rights plan by entering into a Rights Agreement with American Stock Transfer & Trust Company, LLC (the “Rights Plan”). The Rights Plan is designed to ensure that all of the Company's shareholders would receive fair treatment in any takeover of the Company. The Company implemented the Rights Plan by issuing
one
purchase right (a “Right”) for each share of common stock outstanding on the record date of
October 22, 2020.
 
The Rights Agreement provides that in the event any person becomes the beneficial owner of
15%
or more of the outstanding common shares, each Right (other than any Rights held by the
15%
shareholder) will be exercisable, on and after the close of business on the
tenth
business day following such event, for the purchase of a number of shares of common stock (or equivalent securities, such as
one
-hundredths of the Company's Series A Junior Participating Preferred Shares) equal to the exercise price (initially
$15.00
) divided by
25%
of the then current fair market value of the common stock.  The Rights Plan further provides that if, on or after the occurrence of such event, the Company is merged into any other corporation or
50%
or more of the Company's assets or earning power are sold, each Right (other than any Rights held by the
15%
shareholder) will be exercisable to purchase a similar number of securities of the acquiring corporation.
 
The Rights expire on
October 22, 2025 (
unless previously triggered) and are subject to redemption by the Board of Directors at
$0.001
per Right at any time prior to the
first
date upon which they become exercisable to purchase common shares.