Restructurings & Charges

Kimball Electronics, Inc. announced a restructuring with charges of $8 million to $11 million affecting Tampa facility ($6 million to $7 million in employee termination benefits).

“on existing customer programs will be transferred out of Tampa, with the majority of the work going to our plants in Mexico and Jasper. We are expected to incur approximately $8 million to $11 million in total exit costs, including most significantly $6 million to $7 million in employee termination benefits and $2 million to $3 million in logistical costs to”

PLAYSTUDIOS, Inc. announced a restructuring with charges of approximately $14 million to $16 million affecting global workforce (approximately 30 percent).

“On October 29, 2024, the Company initiated an internal reorganization plan (the “Plan”) which is intended to enhance efficiency and reduce operating expenses. The Plan includes a reduction of the Company’s current total global workforce by approximately 30 percent. The Company expects to substantially complete the personnel reduction by the end of the fourth quarter of fiscal year 2024, but the timing of certain reductions will vary based on job function and location, including local legal requirements. The Company estimates that it will incur approximately $14 million to $16 million in charges in connection with the Plan, which will be substantially incurred in the fourth quarter of fiscal year 2024.”

ACELYRIN, Inc. announced a restructuring with charges of approximately $7.2 million affecting the Company; cancellation of services under a manufacturing agreement related to suspension of new internal development of izokibep in HS, PsA and AxSpa.

“the Company now estimates that it will incur net restructuring charges of approximately $7.2 million consisting of $42.9 million of cash expense in connection with such cancellation of services netted against a $35.7 million credit voucher”

ACELYRIN, Inc. announced a restructuring with charges of approximately $4.3 million affecting the Company; workforce reduction connected with plan to suspend new internal investment in development of izokibep in HS, PsA and AxSpa (40 people, or approximately 1/3 of the Company’s then-existing headcount).

“the Company now estimates that it will incur restructuring charges totaling approximately $4.3 million consisting of cash-based expenses related to one-time employee severance payments and benefits”

PSQ Holdings, Inc. announced a restructuring with charges of $355,772.90 (over 35%).

“completed the implementation of a strategic plan (the “Strategic Plan”) to streamline the organization, reducing staff by over 35% and focusing on the people critical to the Company’s B2B focused sales and marketing positioning going forward. The Company expects a non-recurring charge for severance of $355,772.90, in addition to one month of COBRA estimated to total $37,367.37 for those electing to utilize it, primarily incurred in the fourth quarter of 2024.”

Matinas BioPharma Holdings, Inc. announced a restructuring (80% workforce reduction).

“Matinas BioPharma Holdings, Inc. (the “Company”) implemented an 80% workforce reduction effective as of October 31, 2024 (the “Reduction in Force”) and ceased all product development activities to conserve cash.”

INTEL CORP announced a restructuring with charges of $3.0 billion of restructuring charges affecting the Company (16,500 employees).

“On October 28, 2024, the Audit & Finance Committee (the “Audit Committee”) of the board of directors (the “Board”) of Intel, in connection with the Company's management team, approved a series of cost and capital reduction initiatives designed to adjust spending to current business trends while enabling Intel's new operating model and continuing to fund investments in Intel's core strategy - returning to process leadership. These initiatives include reducing headcount by 16,500 employees, consolidating and reducing the Company's global real estate footprint, conducting portfolio reviews of the Company's business under a 'clean sheet' view, rationalizing capital investments and deployments based upon demand signals and capacity requirements, and reducing the Company's overall operating expenses. The Company expects to recognize $3.0 billion of restructuring charges related to these actions, of which the Company is recognizing $2.8 billion in the third quarter of 2024 .”

ARROW ELECTRONICS, INC. announced a restructuring with charges of approximately $185 million affecting the Company (approximately $110 million of employee severance and other personnel cash expenditures).

“non-core businesses that are not aligned with the Company’s strategic objectives. Under the Plan, the Company expects to incur pre-tax restructuring charges of approximately $185 million, consisting of approximately $110 million of employee severance and other personnel cash expenditures; approximately $50 million of non-cash asset impairments, accelerated”

TUCOWS INC /PA/ announced a restructuring with charges of approximately $7.4 million affecting Ting Fiber, LLC (Ting) and shared services (approximately 42% of Ting's workforce and 17% of the Company’s total workforce).

“to impact approximately 42% of Ting's workforce and 17% of the Company’s total workforce. The Company estimates that it will incur non-recurring charges of approximately $7.4 million in connection with the Plan, primarily consisting of severance payments, notice pay, employee benefits contributions and outplacement costs. The Company expects that the”

DROPBOX, INC. announced a restructuring with charges of $47 million to $52 million of incremental expense.

“The Company expects to recognize $47 million to $52 million of incremental expense related to the aforementioned severance, benefits and related costs.”

DROPBOX, INC. announced a restructuring with charges of approximately $63 million to $68 million (approximately 20% or 528 Dropboxers).

“On October 30, 2024, Dropbox announced a reduction of its global workforce by approximately 20% to streamline the Company’s team structure to better align with its long-term growth initiatives and profitability objectives. Dropbox estimates that it will make total cash expenditures of approximately $63 million to $68 million in connection with the reduction in force, primarily consisting of severance payments, employee benefits and related costs.”

GoPro, Inc. announced a restructuring with charges of $15.5 million to $18.5 million (approximately 26% from our ending second quarter headcount of 925 full-time employees).

“On October 29, 2024, the Company announced that its Board of Directors of the Company approved an updated Restructuring Plan (the “Updated Restructuring Plan”). The Updated Restructuring Plan, which supersedes the previous estimates, is anticipated to entail an aggregate reduction in force of approximately 26% from our ending second quarter headcount of 925 full-time employees and is expected to be substantially completed by the end of 2024. The Updated Restructuring Plan is expected to result in an estimated aggregate charge in the range of $15.5 million to $18.5 million.”

Spero Therapeutics, Inc. announced a restructuring with charges of approximately $1.1 million affecting Company-wide (approximately 39%).

“The Company estimates that it will incur aggregate restructuring charges of approximately $1.1 million in cash expenditures in connection with the reduction in workforce related to severance pay and other related termination benefits.”

INGLES MARKETS INC announced a impairment with charges of $35.0 to $55.0 million affecting inventory and property.

“On October 28, 2024, the Company determined that, as a result of the impact of Hurricane Helene, which caused record flooding and devastation to western North Carolina and the surrounding areas, the Company would be required to record a material charge for impairment under U.S. generally accepted accounting principles. Currently, the Company estimates that it will record a charge of between $35.0 to $55.0 million, before the application of any insurance recovery, due to the loss of inventory and property.”

Proto Labs Inc announced a restructuring with charges of $4.5 million to $6.0 million affecting manufacturing facilities in Germany (Eschenlohe prototype injection molding facility; Putzbrunn 3D printing facility).

“partners, consistent with the Company's recently announced global operations organization. The approved plan is expected to lead to total restructuring charges in the range of $4.5 million to $6.0 million, consisting of approximately $2.5 million to $3.5 million in severance and other employee-related costs, and $2.0 million to $2.5 million in fixed asset and”

UPWORK, INC announced a restructuring with charges of approximately $17 million to $22 million affecting company-wide (21%).

“In connection with these actions, the Company estimates that it will incur approximately $17 million to $22 million in pre-tax charges to its GAAP financial results, consisting primarily of severance and other one-time termination benefits for the Company’s impacted workforce.”

O-I Glass, Inc. /DE/ announced a restructuring with charges of approximately $39 million affecting Americas segment (approximately 150 people).

“domestic plants in the Company’s network. Subject to finalization of certain estimates, the Company expects to record a charge associated with this closure of approximately $39 million in the third quarter of 2024. Major components of the charge include approximately $24 million for impairment of plant-related assets, such as the closed furnace and”

INTERNATIONAL PAPER CO /NEW/ announced a restructuring with charges of approximately $80 million to $100 million affecting corporate overhead restructuring (approximately 650 employees).

“general release of claims against the Company. In connection with the restructuring, the Company estimates it will incur aggregate pre-tax restructuring charges of approximately $80 million to $100 million related to one-time severance payments and other employee termination benefits, with approximately $50 million of such charges recorded in the third quarter of”

Cibus, Inc. announced a restructuring with charges of approximately $0.35 million of one-time costs in the fourth quarter of 2024 (approximately 26 full-time employees).

“On October 16, 2024, the Board of Directors of Cibus, Inc. (the “ Company ” or “ Cibus ”) approved a strategic realignment, which includes an immediate reduction in workforce of approximately 26 full-time employees. The Company estimates that it will incur approximately $0.35 million of one-time costs in the fourth quarter of 2024 in connection with this reduction in workforce, primarily related to accrued vacation and severance payments.”

FLAGSTAR BANK, NATIONAL ASSOCIATION announced a restructuring with charges of approximately $20 million (approximately 8% of our employees).

“On October 17, 2024, Flagstar Bank, National Association, a wholly-owned subsidiary of New York Community Bancorp, Inc. (the “Company”), announced a reduction in force involving approximately 8% of our employees. This decision was based on cost-reduction initiatives intended to reduce operating expenses. The Company currently estimates that it will incur one-time cash charges of approximately $20 million in connection with the reduction in force, primarily consisting of notice period and severance payments, and related costs.”

Sage Therapeutics, Inc. announced a restructuring with charges of approximately $26 million to $28 million (approximately 33%).

“on October 14, 2024 (the “Effective Date”), the board of directors (the “Board”) of Sage Therapeutics, Inc. (the “Company”) committed to a plan to reorganize its business operations to support the ongoing launch of ZURZUVAE TM (zuranolone) for the treatment of women with postpartum depression (“PPD”) and to focus pipeline development efforts ahead of the data readout for dalzanemdor in Huntington’s Disease expected later this year (the “Reorganization”). As part of the Reorganization, the Company plans to implement a reduction of the Company’s workforce by approximately 33%, including approximately 55% of the Company’s research and development workforce; make changes to the Company’s leadership team; and implement early-stage pipeline prioritization. The Company expects a non-recurring charge for severance and related employee costs associated with the workforce reduction of approximately $26 million to $28 million, primarily incurred in the fourth quarter of 2024.”

MARIN SOFTWARE INC announced a restructuring with charges of between approximately $0.6 million and $0.8 million (approximately 27 employees, representing approximately 26% of the Company's global employees as of September 30, 2024).

“expects to substantially complete the 2024 Restructuring Plan by the end of the quarter ending December 31, 2024. The Company estimates that it will incur between approximately $0.6 million and $0.8 million of cash expenditures in connection with the 2024 Restructuring Plan, substantially all of which relates to severance costs. The Company expects to recognize the”

Gritstone bio, Inc. announced a restructuring with charges of approximately $0.3 million (approximately 25 employees).

“and salary, all earned but unused paid time off, and a severance payment that is equal to 30 days of employment. The Company expects to record a one-time charge of approximately $0.3 million related to the reduction in its workforce, consistent primarily of one-time severance payments upon termination of the employees. The Company expects that the majority of these”

HilleVax, Inc. announced a restructuring with charges of approximately $1.3 million (approximately 15 employees, constituting approximately 25% of the Company's workforce).

“these vaccine candidates and other strategic alternatives. The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $1.3 million primarily related to employee severance payments, benefits and related termination costs. The Company expects that the reduction in force will be substantially complete with the”

Walgreens Boots Alliance, Inc. announced a restructuring with charges of approximately $2.2 billion to $2.4 billion affecting U.S. Retail Pharmacy segment.

“the workforce in those stores that are closed. The Company currently estimates that it will recognize cumulative pre-tax charges to its GAAP financial results of approximately $2.2 billion to $2.4 billion, including costs associated with lease obligations and other real estate costs, asset impairments, and employee severance and other exit costs. The Company”

Molecular Templates, Inc. announced a restructuring with charges of negligible amount affecting substantially all of the Company’s employees (reduction in force of substantially all of the Company’s employees, other than key members of management).

“On October 11, 2024, the Board approved a reduction in force of substantially all of the Company’s employees, other than key members of management necessary to implement the wind up and support the efforts to maximize the value of the business and its assets. The Company estimates that it will incur a negligible amount of costs in connection with the reduction in force, primarily consisting of legal fees and other related termination costs.”

Turnstone Biologics Corp. announced a restructuring with charges of approximately $2.3 million (approximately 60%).

“Turnstone anticipates a one-time severance-related charge associated with the workforce reduction to be approximately $2.3 million, which represents cash expenditures related to employee severance and notice period payments, benefits and related costs that Turnstone expects to incur in connection with the workforce reduction.”

Velo3D, Inc. announced a restructuring with charges of approximately $1.3 to 1.5 million (approximately 46 employees).

“On October 9, 2024, Velo3D, Inc. (the “Company”) commenced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which is expected to affect approximately 46 employees globally, representing approximately 32% of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $1.3 to 1.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, one time severance payments, and other benefits.”

Molecular Templates, Inc. announced a restructuring with charges of a negligible amount (19 employees (approximately 60% of the Company’s employees)).

“On October 3, 2024, the Board approved a reduction in force of 19 employees (approximately 60% of the Company’s employees), in order to extend its resources and allow the Company to continue to support its clinical studies and its efforts to maximize the value of the business and its assets. The Company estimates that it will incur a negligible amount of costs in connection with the reduction in force, primarily consisting of legal fees and other related termination costs.”

Motorsport Games Inc. announced a restructuring with charges of approximately $0.2 million affecting primarily in the United States and the United Kingdom (approximately 24 employees and contractors).

“worldwide. The Company expects to record a restructuring charge related to the workforce reduction, primarily consisting of severance and redundancy costs of approximately $0.2 million. The Company expects to recognize and pay out the majority of the restructuring charge in the fourth quarter of fiscal year 2024. The Company further anticipates the”

WILLIS TOWERS WATSON PLC announced a impairment with charges of $1.6 billion to $2.1 billion affecting TRANZACT Business.

“the Company currently expects to record in the third quarter non-cash pre-tax losses and related impairment charges estimated to be between $1.6 billion to $2.1 billion, which reflect a write-down of the net assets of the TRANZACT Business in order to adjust them to fair value (less estimated transaction costs), pursuant to held-for-sale accounting, and a write-down of goodwill at the Benefits, Delivery & Administration reporting unit”

ClearSign Technologies Corp announced a restructuring with charges of approximately $400,000 to $500,000 affecting China operations (the termination of 2 employees).

“the Company estimates that it will incur approximately $400,000 to $500,000 of costs, primarily consisting of employee termination payments, as well as equipment disposal and shipment and legal filing fees.”

Verrica Pharmaceuticals Inc. announced a restructuring with charges of approximately $1.0 million, including a one-time charge totaling approximately $0.7 million in connection with one-time employee termination costs, including se (reduction of its workforce by 47 employees).

“On October 1, 2024, Verrica Pharmaceuticals Inc. (the “Company”) announced a reduction of its workforce by 47 employees, which the Company expects to be substantially completed by October 1, 2024. The Board of Directors of the Company approved these actions on September 23, 2024 in order to streamline operations, reduce costs, and preserve capital. As a result, the Company expects to incur total expenses of approximately $1.0 million, including a one-time charge totaling approximately $0.7 million in connection with one-time employee termination costs, including severance and other benefits, and an estimated deemed loss on vehicle sales of $0.3 million.”

Shattuck Labs, Inc. announced a restructuring with charges of between $1.5 million and $1.75 million affecting SL-172154 program (approximately 40% of Shattuck's workforce).

“On October 1, 2024, pursuant to previous authorization by the Board of Directors of the Company, an authorized officer of the Company approved a restructuring plan to prioritize the development of the Company’s DR3 program. The plan is intended to optimize the Company’s cost structure by aligning the size and structure of its workforce with the Company’s current goals and strategy. The organizational realignment includes discontinuing the Company’s SL-172154 program in view of overall survival data readouts from its studies in higher-risk myelodysplastic syndromes and acute myeloid leukemia. Approximately 40% of Shattuck’s workforce will be impacted by the changes. The Company expects to complete the reduction in force in the fourth quarter of 2024. As a result of these changes, the Company expects to incur restructuring charges between $1.5 million and $1.75 million, the majority of which are related to employee severance costs.”

EQT Corp announced a restructuring with charges of approximately $165 million to $185 million (approximately 15% reduction in the Company’s employee workforce).

“officers and certain other senior employees of Equitrans . The Plan is expected to be completed in 2025. The Plan is expected to result in total pre-tax charges of approximately $165 million to $185 million for employee-related costs, which include severance and other termination benefits and stock-based compensation, of which approximately $155 million to $170”

Trinseo PLC announced a restructuring with charges of $23 million to $28 million affecting Engineered Materials, Plastics Solutions and Polystyrene businesses and Stade, Germany production facility.

“functions and (iii) exit of virgin polycarbonate production at its Stade, Germany production facility. The Company expects to record total pre-tax restructuring charges of $23 million to $28 million, principally comprised of $22 million to $26 million of severance and related benefit costs and $1 million to $2 million of asset-related and contract termination”

Beachbody Company, Inc. announced a restructuring with charges of approximately $11 million in non-cash charges affecting accelerated depreciation for certain assets.

“The Company estimates approximately $11 million in non-cash charges to be recorded primarily in the fourth quarter of 2024 related principally to accelerated depreciation for certain assets that are not expected to be used by the Company after December 31, 2024 due to the Pivot.”

Beachbody Company, Inc. announced a restructuring with charges of approximately $6 - $8 million affecting workforce reduction (approximately 33%).

“the Company intends to reduce its workforce by approximately 33%. As a result of the Pivot, the Company estimates that it will incur aggregate net cash charges in connection with the workforce reduction of approximately $6 - $8 million, which relate primarily to employee severance under a one-time severance program and will be primarily recorded in the third quarter of 2024.”

JABIL INC announced a restructuring with charges of approximately $150 million to $200 million affecting support infrastructure, Selling, General and Administrative and manufacturing cost base (headcount reductions across our Selling, General and Administrative and manufacturing cost base).

“subject to consultation with the Company’s employees and their representatives. Based on the analysis done to date, the Company currently expects to recognize approximately $150 million to $200 million in pre-tax restructuring and other related costs over the course of the Company’s 2025 fiscal year. The charges relating to the 2025 Restructuring Plan are”

FISERV INC announced a impairment with charges of $400 million to $600 million affecting equity method investment in Wells Fargo Merchant Services (WFMS).

“joint venture, as determined in accordance with an agreed upon contractual valuation and separation process. The Company estimates the impairment charge to be in the range of $400 million to $600 million. This estimate is based on the Company’s estimate of the value of its portion of the joint venture and is subject to adjustment based on completion of the”

VISHAY INTERTECHNOLOGY INC announced a restructuring with charges of approximately $38 to $42 million affecting SG&A functions, Diodes segment back-end facility in Shanghai, China; Resistors segment facilities in Fichtelberg, Germany and Milwaukee, Wisconsin; various manufacturing operations (severance payments to approximately 170 employees, or 6% of the SG&A workforce; reduce its direct labor by approximately).

“production transfers, which will result in severance payments to an additional approximately 260 employees. The Company expects to incur pre-tax cash charges of approximately $38 to $42 million, primarily related to severance costs, as a result of these programs, mostly in 3Q 2024. Once the program is fully implemented by the end of 2026, Vishay expects”

bluebird bio, Inc. announced a restructuring with charges of approximately $3.7 million in cash expenditures for severance and employee termination-related costs (approximately 25% of its headcount).

“The Company’s board of directors approved the Restructuring on September 23, 2024, following a comprehensive review of the Company’s operations. The Restructuring includes a reduction of the Company’s workforce by approximately 25% of its headcount. As a result of the Restructuring, the Company estimates that it will incur aggregate charges of approximately $3.7 million in cash expenditures for severance and employee termination-related costs to be paid out over multiple weeks through the end of the fiscal year ending December 31, 2024, as well as approximately $0.3 million - $0.5 million in stock-based compensation expense.”

Blink Charging Co. announced a restructuring (14%).

“On September 17, 2024, Blink Charging Co. (the “Company”) announced its cost reduction plan anticipated to reduce its global personnel count by 14%, resulting in annualized savings of approximately $9.0 million (the “Plan”).”

Fulcrum Therapeutics, Inc. announced a restructuring with charges of approximately $2.0 million affecting Company (reduction of the Company's workforce from 80 to 51 full-time employees).

“On September 24, 2024, Fulcrum announced the approval by its board of directors of a plan to reprioritize research and development activities to focus on advancing pociredir for the treatment of sickle cell disease, novel therapeutic agents for the treatment of Diamond-Blackfan anemia, and its early discovery programs. The plan will reduce the Company's workforce from 80 to 51 full-time employees, including a reduction of positions across both research and development and general and administrative. Fulcrum expects to incur one-time costs of approximately $2.0 million in connection with this workforce reduction, primarily related to cash payments for severance.”

Luminar Technologies, Inc./DE announced a restructuring with charges of approximately $4 million to $6 million in additional cash charges (approximately 30% of the Company’s full-time employees).

“On September 20, 2024, the Company announced additional actions under the 2024 Restructuring Plan that represent a cumulative reduction in workforce of approximately 30% of the Company’s full-time employees since the beginning of 2024. The additional actions associated with the 2024 Restructuring Plan are expected to begin immediately and be substantially complete by the end of 2025. The Company estimates that it will incur approximately $4 million to $6 million in additional cash charges associated with employee severance and related employee costs, plus charges related to acceleration of certain previously granted stock-based awards as part of severance packages for employees impacted under the 2024 Restructuring Plan.”

Origin Materials, Inc. announced a restructuring with charges of approximately $0.6 million affecting global workforce and Origin 1 facility in Sarnia, Ontario (approximately 28% of the Company's global workforce).

“subject to compliance with statutory notice periods, where applicable. The Company expects to record a restructuring charge related to the workforce reduction of approximately $0.6 million, primarily consisting of severance and benefits costs, inclusive of cash expenditures for employee separation costs of approximately $0.5 million and non-cash charges of”

Stablecoin Development Corp announced a restructuring.

“The Company is currently unable to make a determination of the estimated amount or range of amounts of the charge that will result in future cash expenditures in connection with the Asset Sale Transaction, which transaction is subject to the satisfaction of closing conditions of the parties.”

Olo Inc. announced a restructuring with charges of approximately $2.2 million to $2.6 million (approximately 9%).

“Olo estimates that it will incur charges of approximately $2.2 million to $2.6 million in connection with the reduction of its workforce, which is expected to be incurred in the third quarter of fiscal year 2024.”

Warner Music Group Corp. announced a impairment with charges of approximately $55 million of non-cash impairment charges affecting disposal or winding down of the O&O Media Properties.

“The now expected pre-tax charges include approximately $150 million of severance payments and other termination costs and $5 million of other non-cash charges, along with the unchanged amount of approximately $55 million of non-cash impairment charges primarily in connection with the disposal or winding down of the O&O Media Properties.”

Warner Music Group Corp. announced a restructuring with charges of approximately $210 million or approximately $135 million of total non-recurring after-tax charges affecting O&O Media Properties, Corporate and various support functions (approximately 750 or 13%).

“The Company now expects the Plan to generate pre-tax cost savings of approximately $260 million, a significant majority of which will be achieved by the end of fiscal year 2025, and for the Company to incur total non-recurring pre-tax charges of approximately $210 million or approximately $135 million of total non-recurring after-tax charges.”