# EDGAR Filing Document

**Accession Number:** 0001377789
**File Stem:** 0001377789-25-000025
**Filing Date:** 2025-6
**Character Count:** 26985
**Document Hash:** 3f55387877cbabd903ee09e4b998e7ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001377789-25-000025.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001377789-25-000025

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250613

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AVIAT NETWORKS, INC.
- **CENTRAL INDEX KEY:** 0001377789
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 205961564
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33278
- **FILM NUMBER:** 251045781

**BUSINESS ADDRESS:**
- **STREET 1:** 200 PARKER DRIVE
- **STREET 2:** SUITE C100A
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78728
- **BUSINESS PHONE:** 4089417100

**MAIL ADDRESS:**
- **STREET 1:** 200 PARKER DRIVE
- **STREET 2:** SUITE C100A
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78728

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aviat Networks Inc
- **DATE OF NAME CHANGE:** 20161109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AVIAT NETWORKS, INC.
- **DATE OF NAME CHANGE:** 20100128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HARRIS STRATEX NETWORKS, INC.
- **DATE OF NAME CHANGE:** 20100126

?xml version='1.0' encoding='ASCII'? avnw-20250613

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_______________________**

**Form 8-K**

**______________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): June 13, 2025**

**_______________________**

**AVIAT NETWORKS, INC.**

**(Exact name of registrant as specified in its charter)**

**______________________________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33278** | **20-5961564** |
| (State or other jurisdiction | (Commission File | (I.R.S. Employer |
| of incorporation) | Number) | Identification No.) |
| **200 Parker Dr., Suite C100A, Austin, Texas 78728** | **200 Parker Dr., Suite C100A, Austin, Texas 78728** | **200 Parker Dr., Suite C100A, Austin, Texas 78728** |
| (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) | (Address of principal executive offices, including zip code) |
|  | **(408)-941-7100** |  |
|  | Registrant's telephone number, including area code |  |

---

**______________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | AVNW | NASDAQ Stock Market LLC |
| Preferred Share Purchase Rights |  | NASDAQ Stock Market LLC |

---

☐ Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

------

**Explanatory Note:**

On December 1, 2023, Aviat Networks, Inc. ("Aviat" or the "Company") filed a Current Report on Form 8-K (as amended by that certain Amendment No. 1 filed on February 9, 2024, the "Original Form 8-K") to report that, among other things, it had completed the acquisition of NEC Corporation's ("NEC") wireless backhaul business (the "NEC Transaction"). The Company is filing this Current Report on Form 8-K to provide a pro forma financial information update for the twelve months ended June 28, 2024. The pro forma condensed combined financial information included as Exhibit 99.1 to this Current Report on Form 8-K has been presented for illustrative purposes only, and is not intended to, and does not purport to, represent what the Company's actual results or financial condition would have been if the NEC Transaction had occurred on the relevant date, and is not intended to project the future results or the financial condition that the Company may achieve following the NEC Transaction.

**Item 8.01 Other Information.**

This Current Report on Form 8-K includes the unaudited pro forma condensed combined financial information of the Company and the wireless transport business of NEC for the twelve months ended June 28, 2024, which are filed as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated by reference herein.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1\* | <u>[Unaudited Pro Forma Condensed Combined Financial Information of Aviat and the Wireless Transport Business of NEC for the twelve months ended June 28, 2024.](avnwexhibit9911.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Filed herewith.

------

**SIGNATURE**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
|  | AVIAT NETWORKS, INC. | AVIAT NETWORKS, INC. | AVIAT NETWORKS, INC. |
| Date: June 13, 2025 | By: | /s/ Michael Connaway | /s/ Michael Connaway |
|  |  | Name: | Michael Connaway |
|  |  | Title: | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

On May 9, 2023, Aviat Networks, Inc. ("Aviat" or the "Company") entered into a Master Sale of Business Agreement (as amended on November 30, 2023, the "Purchase Agreement") with NEC Corporation ("NEC"), to acquire NEC's wireless transport business (the "NEC Transaction"). The Company completed the NEC Transaction on November 30, 2023 (the "Closing Date"). Under the terms of the Purchase Agreement, consideration due at the closing of the NEC Transaction was comprised of (i) an amount in cash equal to $42.1 million, subject to certain post-closing adjustments, and (ii) the issuance of $23.4 million in Company common stock. The post-closing adjustments were finalized during the second quarter of fiscal 2025, resulting in final consideration of $73.5 million, which included cash consideration of $51.2 million and the issuance of Company common stock of $22.3 million. The Company obtained permanent financing to fund the cash portion of the NEC Transaction.

The following tables set forth unaudited pro forma condensed combined financial information of Aviat and NEC's wireless transport business for the twelve months ended June 28, 2024. The unaudited pro forma condensed combined statements of operations give effect to the NEC Transaction as if it had occurred on July 1, 2023.

The unaudited pro forma condensed combined statement of operations for the twelve months ended June 28, 2024 is derived by combining the Company's audited historical financial data from July 1, 2023 through June 28, 2024 (which includes seven months of the historical results of operations of NEC's wireless transport business from the Closing Date through June 28, 2024) filed in the Company's Annual Report on Form 10-K for the twelve months ended June 28, 2024, and five months of the unaudited historical financial data of NEC's wireless transport business from July 1, 2023 through the Closing Date. The condensed pro forma balance sheet is excluded from this Current Report on Form 8-K as the historical balance sheet included in the Company's Annual Report on Form 10-K for the twelve months ended June 28, 2024, already reflects the consummated transaction.

The unaudited pro forma condensed combined financial information includes estimated transaction accounting and financing adjustments (collectively, the "pro forma adjustments") directly attributable to the NEC Transaction that are expected to have an ongoing impact on the Company. The pro forma adjustments are described in the notes accompanying the unaudited pro forma condensed combined financial information. The pro forma adjustments are based upon available information and certain assumptions the Company believe are reasonable. The unaudited pro forma condensed combined financial information does not purport to represent what the results of operations and financial condition would have been had the NEC Transaction occurred as of the dates indicated, nor does it project the results of operations for any future period or the financial condition at any future date.

The unaudited pro forma condensed combined financial information should be read in connection with (i) the Company's's audited consolidated financial statements, and the related notes thereto, and the risk factors set forth in the Company's Annual Report on Form 10-K for the twelve months ended June 28, 2024, (ii) and the audited combined carve-out abbreviated financial statements and related notes for NEC's wireless transport business for the twelve months ended March 31, 2023, which are included as an exhibit to the Company's Current Report on Form 8-K filed on December 1, 2023 (as amended on February 9, 2024).

------

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**For the twelve months ended June 28, 2024**

**(U.S. Dollars in thousands, except per share amount)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Aviat Networks, Inc. (Historical)**<sup>1</sup> | **NEC's Wireless Transport Business (Adjusted)**<sup>2</sup> | **Transaction Accounting Adjustments** | **Notes** | **Financing Adjustments** | **Notes** | **Pro Forma Combined** |
| Revenues | $408083 | $84977 | $— |  | $— |  | $493060 |
| Cost of revenues | 263351 | 53030 | 932 | 2A |  |  | 317313 |
| **Gross margin** | 144732 | 31947 | (932) |  |  |  | 175747 |
| Research and development | 36426 | 6780 |  |  |  |  | 43206 |
| Selling and administrative | 85038 | 14999 | 652 | 2B |  |  | 100689 |
| Restructuring charges | 3867 |  |  |  |  |  | 3867 |
| **Operating income** | 19401 | 10168 | (1584) |  |  |  | 27985 |
| Other expense, net | 2495 | 1336 |  |  | 1646 | 2C | 5477 |
| **Income before income taxes** | 16906 | 8832 | (1584) |  | (1646) |  | 22508 |
| Provision for income taxes | 6146 | 3895 | (412) | 2D | (428) | 2D | 9201 |
| **Net income** | $10760 | $4937 | $(1172) |  | $(1218) |  | $13307 |
| **Net income per share of common stock outstanding:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.88 |  |  |  |  | 3A | $1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.86 |  |  |  |  | 3A | $1.04 |
| **Weighted-average shares outstanding:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 12182 |  |  |  | 306 | 3A | 12488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 12456 |  |  |  | 306 | 3A | 12762 |
| <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. | <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. | <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. | <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. | <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. | <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. | <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. | <sup>1</sup>The historical results of Aviat include the results of operations of NEC's wireless transport business for the post-acquisition period from December 1, 2023 through June 28, 2024. |
| <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. | <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. | <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. | <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. | <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. | <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. | <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. | <sup>2</sup>The historical adjusted results of NEC's wireless transport business include the period from July 1, 2023 through November 30, 2023. See Note 1. in the accompanying notes. |

---

See accompanying notes to unaudited pro forma condensed combined financial information.

------

**NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

**Description of Transaction**

On May 9, 2023, the Company entered into a Master Sale of Business Agreement (as amended on November 30, 2023, the "Purchase Agreement") with NEC Corporation ("NEC"), to acquire NEC's wireless transport business (the "NEC Transaction"). The Company completed the NEC Transaction on November 30, 2023 (the "Closing Date"). Under the terms of the Purchase Agreement, consideration due at the closing of the NEC Transaction was comprised of (i) an amount in cash equal to $42.1 million, subject to certain post-closing adjustments, and (ii) the issuance of $23.4 million in Company common stock. The post-closing adjustments were finalized during the second quarter of fiscal 2025, resulting in final consideration $73.5 million, which included cash consideration of $51.2 million and the issuance of Company common stock of $22.3 million. The Company obtained permanent financing to fund the cash portion of the NEC Transaction.

**Basis of Presentation**

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting and was based on the historical financial statements of the Company and NEC's wireless transport business and has been prepared to illustrate the effects of the NEC Transaction as if it occurred on the first date of the period presented.

The Company's historical financial statements were prepared in accordance with the accounting principles generally accepted in the United States ("U.S. GAAP") and presented in U.S. Dollars ("USD"). The historical financial statements of NEC's wireless transport business were prepared in accordance with International Financial Standards as adopted by the International Accounting Standards Board ("IFRS") and presented in Japanese Yen ("JPY"). During the preparation of the unaudited pro forma condensed combined financial information, the Company reviewed the historical financial statements of NEC's wireless transport business prepared under IFRS, to identify differences compared to the Company's accounting policies in accordance U.S. GAAP. The Company did not identify any IFRS to U.S. GAAP differences that resulted in a pro forma adjustment within the unaudited pro forma condensed combined financial information presented.

The Company has made adjustments to translate the historical financial statements of NEC's wireless transport business from JPY to USD based on applicable historical exchange rates, which may differ materially from future exchange rates. The historical financial statements of NEC's wireless transport business have been adjusted for certain reclassifications to conform with the Company's financial statement presentation.

The NEC Transaction was accounted for using the acquisition method of accounting. Under this method, the assets acquired and liabilities assumed have been recorded based on preliminary estimates of fair value. The purchase accounting allocations in the NEC Transaction were finalized during the second quarter of fiscal 2025, including the final valuation of long-lived tangible and identified intangible assets acquired and liabilities assumed. In accordance with ASC 805, acquisition-related transaction costs are not included as components of consideration transferred but are accounted for as expenses in the period in which the costs are incurred.

The unaudited pro forma condensed combined statement of operations for the twelve months ended June 28, 2024, are presented as if the NEC Transaction had occurred on July 1, 2023.

The unaudited pro forma condensed combined financial information does not reflect any anticipated synergies, operating efficiencies or cost savings that may result from the NEC Transaction and integration costs that may be incurred. The pro forma adjustments represent the Company's best estimates and are based upon currently available information and certain adjustments, assumptions and estimates that the Company believes are reasonable under the circumstances.

There were no material transactions between the Company and NEC's wireless transport business during the period presented. Accordingly, adjustments to eliminate transactions between the Company and NEC's wireless transport business have not been reflected in the unaudited pro forma condensed combined financial information presented herein.

------

**Note 1. Translation and Reclassification Adjustments**

The unaudited pro forma condensed combined financial information contains adjustments to translate the historical financial statements of NEC's wireless transport business from JPY to USD and to reflect certain reclassifications to align to the Company's financial statement presentation.

**Translation**: This column represents the translation from JPY to USD using the applicable historical exchange rates for the period presented.

The historical financial statements of NEC's wireless transport business and related pro forma adjustments were translated from JPY to USD using the following historical exchange rates:

---

| | |
|:---|:---|
| | **JPY to USD** |
| **Statement of operations:** | |
| Average exchange rate from July 1, 2023 through November 30, 2023 | 146.62 |

---

**Reclassification**: This column represents the adjustments that have been applied to conform the historical financial statements of NEC's wireless transport business to the Company's financial statement presentation. The italicized rows include the financial statement line presented in the historical financial statements of NEC's wireless transport business.

------

**Unaudited Condensed Combined Statement of Operations Adjustments**

**From July 1, 2023 through November 30, 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NEC's Wireless Transport Business (Historical)** | **Translation** | **Reclassification** | **NEC's Wireless Transport Business (Adjusted)** |
| | JPY in millions | USD in thousands | USD in thousands | USD in thousands |
| Revenues | ¥— | $— | $84977 | $84977 |
| *Net Revenues* | 12459 | 84977 | (84977) |  |
| Cost of revenues |  |  | 53030 | 53030 |
| *Cost of Sales* | 7775 | 53030 | (53030) |  |
| **Gross margin** | 4684 | 31947 |  | 31947 |
| Research and development | 994 | 6780 |  | 6780 |
| Selling and administrative |  |  | 14999 | 14999 |
| *Selling, general and administrative* | 2199 | 14999 | (14999) |  |
| Restructuring charges |  |  |  |  |
| **Operating income** | 1491 | 10168 |  | 10168 |
| Other expense, net | 196 | 1336 |  | 1336 |
| **Income before income taxes** | 1295 | 8832 |  | 8832 |
| Provision for income taxes | 571 | 3895 |  | 3895 |
| **Net income** | ¥724 | $4937 | $— | $4937 |

---

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**Note 2. Transaction Accounting and Financing Adjustments**

The NEC Transaction will be accounted for as a business combination using the acquisition method of accounting. The assets acquired and liabilities assumed will be recognized at their acquisition date fair values, with any excess of the consideration transferred over the estimated fair values of the identifiable net assets acquired recorded as goodwill. Transaction costs related to the acquisition were expensed as incurred. Total transaction costs of $11.27 million are included in the Company's historical financial statements. Transaction costs primarily include legal, accounting and auditing, and other professional fees.

**Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations**

(A) To reflect the increase to cost of revenues as a result of the $4.47 million step-up in fair value of the acquired inventory related the NEC Transaction. The adjustment represents a ratable increase to cost of revenues for the periods disclosed, based on expectations that the inventory will be sold within two years of the acquisition date.

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| | |
|:---|:---|
| (In thousands) | **From July 1, 2023 through November 30, 2023** |
| Inventory fair value adjustment | $932 |

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(B) To reflect estimated amortization expense based on the fair values of the acquired identifiable finite-lived intangible assets related to the NEC Transaction:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands except useful life) | **Estimated useful life in years** | **Preliminary estimated fair value** | **Amortization expense from July 1, 2023 through November 30, 2023** |
| Customer relationships | 15 | $9200 | $256 |
| Technology | 7 | 3200 | 190 |
| &nbsp;&nbsp;Total |  | $12400 | $446 |

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(C) The following adjustments reflect the estimated interest expense and amortization of debt issuance costs to be incurred by the Company as a result of the term loan borrowings used to fund the cash portion of the consideration due for the NEC Transaction. Outstanding borrowings under the term loan bear interest at the adjusted Secured Overnight Financing Rate ("SOFR") plus the applicable margin. The term loan matures five years from the date of issuance and has scheduled quarterly principal payments. For the purposes of estimating the pro forma interest expense, the Company used the historical 90 day average SOFR for the periods presented, plus an applicable margin of 2.50%. The amortization of debt issuance costs is recognized on a straight-line basis through the maturity of the term loan.

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| | | | |
|:---|:---|:---|:---|
| (In thousands except percentages) | **Beginning principal balance as of July 1, 2023** | **Interest rate** | **Interest expense from July 1, 2023 through November 30, 2023** |
| Interest expense on term loan | $50000 | 7.59% — 7.86% | $1605 |
| Amortization of debt issuance costs | 497 |  | 41 |
|  |  |  | $1646 |

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(D) This reflects the income tax effect of the pro forma transaction accounting and financing adjustments at an estimated combined tax rate of 26%, which is based on applicable statutory tax rates for the jurisdictions in which the Company operates.

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**Note 3. Net Income Per Share**

(A) The following table sets forth the pro forma basic and diluted net income per share. The weighted average number of basic and diluted common shares outstanding includes the impact of the 736,750 common shares issued as a portion of the consideration transferred to NEC at the closing of the NEC Transaction. The pro forma impact to the weighted average number of basic and diluted common shares outstanding assumes the issuance occurred on July 1, 2023.

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| | |
|:---|:---|
| (In thousands except per share amounts) | **Twelve months ended June 28, 2024** |
| **Numerator:** |  |
| Pro forma combined net income | $13307 |
| **Denominator:** |  |
| Historical weighted-average shares outstanding, basic | 12182 |
| Pro forma weighted average adjustment for shares issued | 306 |
| **Weighted-average shares outstanding, basic** | **12488** |
| Historical weighted-average shares outstanding, diluted | 12456 |
| Pro forma weighted average adjustment for shares issued | 306 |
| **Weighted-average shares outstanding, diluted** | **12762** |
| **Pro forma combined net income per share:** |  |
| Basic | $1.07 |
| Diluted | $1.04 |

---

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