Restructurings & Charges

Tracon Pharmaceuticals, Inc. announced a restructuring with charges of approximately $1.7 million (substantially all of its employees).

“On July 26, 2024, the Board of Directors (the “Board”) of TRACON Pharmaceuticals, Inc. (the “Company”) unanimously approved a reduction-in-force (the “Reduction in Force”) of substantially all of its employees to be effective on July 31, 2024, in connection with the planned wind down of the Company’s operations. The Company expects to incur one-time charges and cash expenditures associated with the workforce reduction of approximately $1.7 million, primarily related to employee wages and severance payments, benefits and related termination costs.”

NERDWALLET, INC. announced a restructuring with charges of $8 million to $10 million (approximately 15% of its full-time employees).

“On July 30, 2024, NerdWallet, Inc. (“NerdWallet” or the “Company”) committed to a restructuring plan, effective August 1, 2024, intended to reduce the Company’s operating expenses and better position the Company to execute its long-term strategic initiatives (the “Plan”). The Plan will reduce the size of the Company’s workforce by approximately 15% of its full-time employees as compared to its headcount as of December 31, 2023. The Company expects to incur a total estimated pre-tax restructuring charge of approximately $8 million to $10 million in connection with the Plan.”

ECOLAB INC. announced a restructuring with charges of $175 million ($136 million after tax) (severance costs relating to team reorganization).

“The Company anticipates restructuring costs of $175 million ($136 million after tax) and special charges of $50 million ($39 million after tax) by the end of 2027.”

Viracta Therapeutics, Inc. announced a restructuring with charges of approximately $0.7 million (approximately 23% of the Company’s workforce).

“and implemented a reduction in force, to be completed in August 2024, that impacted approximately 23% of the Company’s workforce. The Company expects to recognize approximately $0.7 million in total expenses for severance and related benefits for employees laid off under the reduction in force, consisting primarily of severance payments and continued healthcare”

WESTLAKE CORP announced a restructuring with charges of approximately EUR 80 million affecting allyl chloride (AC) and epichlorohydrin (ECH) units at the Company’s site in Pernis, the Netherlands (approximately 30 employees).

“approved the plan to mothball the Units. The Units are expected to temporarily cease operations in 2025. The Company expects to incur total pre-tax costs of approximately EUR 80 million related to the mothballing of the Units. The mothballing of the Units is expected to result in a workforce reduction of approximately 30 employees. The expected costs related to”

Tonix Pharmaceuticals Holding Corp. announced a impairment with charges of approximately $50 million affecting Advanced Development Center in Dartmouth, Massachusetts.

“the Company expects that the financial statements for the quarter ended June 30, 2024 will reflect a non-cash impairment in the amount of approximately $50 million”

ESTEE LAUDER COMPANIES INC announced a restructuring with charges of $133.

“through April 24, 2024 $ — $ — $ 24 $ 72 $ 96 April 25, 2024 - June 30, 2024 — — 85 6 91 July 1, 2024 - July 19, 2024 1 9 24 12 46 Cumulative through July 19, 2024 $ 1 $ 9 $ 133 $ 90 $ 233 2 Included in the above table, cumulative restructuring initiatives approved by the Company through July 19, 2024 were: (In millions) Employee- Related Costs Asset-”

ESTEE LAUDER COMPANIES INC announced a restructuring with charges of $96.

“in Net Sales) Cost of Sales Operating Expenses Total (In millions) Restructuring Charges Other Charges Approval Period Cumulative through April 24, 2024 $ — $ — $ 24 $ 72 $ 96 April 25, 2024 - June 30, 2024 — — 85 6 91 July 1, 2024 - July 19, 2024 1 9 24 12 46 Cumulative through July 19, 2024 $ 1 $ 9 $ 133 $ 90 $ 233 2 Included in the above table,”

ESTEE LAUDER COMPANIES INC announced a restructuring with charges of $500 million and $700 million (before tax).

“restructuring and other charges to implement those initiatives are expected to total between $500 million and $700 million (before tax)”

ESTEE LAUDER COMPANIES INC announced a restructuring with charges of approximately $137 million (before tax) affecting supply chain, corporate functions, marketing/creative organization, unprofitable brands from specific markets and distribution channels (employee severance through a net reduction in workforce).

“the Company expects to record restructuring and other charges of approximately $137 million (before tax) in connection with these initiatives”

GrowGeneration Corp. announced a restructuring affecting Gardening and Cultivation segment (proprietary brands, commercial sales, e-commerce).

“On July 22, 2024 , the Company announced a strategic restructuring plan focused on long-term profitability and advancing growth initiatives in key areas of its Gardening and Cultivation segment such as its proprietary brands, commercial sales, and e-commerce business.”

MAMMOTH ENERGY SERVICES, INC. announced a impairment with charges of approximately $170.7 million.

“As a result of the Settlement Agreement, the Company will record a non-cash, pre-tax charge of approximately $170.7 million in the second quarter of 2024 to reduce its accounts receivable balance from PREPA to the amount expected to be received from the Settlement Agreement.”

Lite Strategy, Inc. announced a restructuring with charges of approximately $5.8 million affecting the Company (reduction-in-force).

“the Company expects to incur personnel-related restructuring charges of approximately $5.8 million in connection with one-time employee termination costs, including severance and other benefits, which are expected to be recognized in the first quarter of fiscal 2025”

RAPT Therapeutics, Inc. announced a restructuring with charges of approximately $0.9 million (47 people, or approximately 40% of the Company's existing headcount).

“for severance benefits is contingent upon such employee’s execution of a general release of claims against the Company. The Company estimates that it will incur approximately $0.9 million in restructuring charges in connection with the workforce reduction, consisting of cash-based expenses related to employee severance payments, benefits and related costs. The”

ROGERS CORP announced a restructuring with charges of $16 to $18 million affecting facility in Evergem, Belgium (employee severance costs).

“The Company now estimates that of the total anticipated shutdown-related expenses previously estimated in the range of $18 to 28 million, $16 to $18 million is expected to comprise employee severance costs, with the balance comprising non-cash accelerated depreciation of fixed asset costs and other shutdown-related cash costs.”

FULTON FINANCIAL CORP announced a restructuring with charges of approximately $10 million affecting Pennsylvania and New Jersey.

“the Corporation expects to incur pre-tax costs of approximately $10 million, consisting of approximately $6 million of write-offs of premises and equipment and related expenses, approximately $3 million of lease termination charges, and approximately $1 million of future cash expenditures in connection with employee severance”

Primerica, Inc. announced a restructuring affecting senior health business (e-TeleQuote Insurance, Inc.).

“The Board has determined that the Company's senior health business, which is operated through its wholly owned subsidiary, e-TeleQuote Insurance, Inc. (“ETQ”), does not have a clear path toward anticipated profitability within an acceptable timeframe in the increasingly challenging senior health distribution market. In connection with such decision, the Board has authorized management of the Company to abandon the Company’s indirect ownership of ETQ by no later than September 30, 2024.”

Primerica, Inc. announced a impairment with charges of $50.0 million affecting senior health business (e-TeleQuote Insurance, Inc.).

“In addition to the second quarter charge described above in Item 2.06, the $50.0 million of insurance proceeds disclosed in Exhibit 99.1 of the Current Report on Form 8-K dated May 6, 2024 will be recognized in the second quarter of 2024 and excluded from adjusted operating results.”

Caribou Biosciences, Inc. announced a restructuring with charges of approximately $0.5 million to $1.0 million affecting allogeneic CAR-NK platform (21 positions, or approximately 12%).

“in cash, cash equivalents, and marketable securities as of June 30, 2024. In connection with the workforce reduction, the Company currently estimates it will incur approximately $0.5 million to $1.0 million in costs, consisting primarily of cash severance costs, benefits, and transition support services for impacted employees, which the Company expects to recognize”

LIFECORE BIOMEDICAL, INC. DE announced a restructuring with charges of approximately $1.0 million (46 full-time employees of the Company, representing approximately 9% of the Company’s workforce).

“On July 8, 2024, Lifecore Biomedical, Inc. (the “Company”) determined to implement a strategic reduction of the Company’s workforce (the “Workforce Reduction Plan”) to terminate 46 full-time employees of the Company, representing approximately 9% of the Company’s workforce, as part of an initiative to strategically optimize the Company’s cost structure. In connection with the Workforce Reduction Plan, the Company estimates that it will incur termination benefit costs of approximately $1.0 million, which primarily consist of one-time severance benefits.”

Pactiv Evergreen Inc. announced a impairment with charges of approximately $320 million to $340 million affecting Relevant Facilities (Pine Bluff, Arkansas mill and Waynesville, North Carolina extrusion facility).

“Based on the estimated cash proceeds the Company expects to receive in connection with the Transaction, the Company currently expects that it will record a non-cash impairment charge of approximately $320 million to $340 million in the third quarter of 2024”

Forza X1, Inc. announced a restructuring with charges of less than $100,000 affecting business related to the development and sale of electric boats utilizing its proprietary outboard electric motor (down to five employees).

“its workforce to align with current production needs and financial realities and is currently down to five employees. The Company expects to incur pre-tax charges of less than $100,000 for the workforce reduction, most of which is expected to be incurred in the third quarter of fiscal year 2024. These charges will be substantially settled in cash and almost”

INTUIT INC. announced a restructuring with charges of approximately $250 million to $260 million in charges affecting Boise and Edmonton sites (approximately 1,800 employees).

“On July 10, 2024, Intuit Inc. (the "Company") announced a plan of reorganization (the "Plan") focused on reallocating resources to the Company's key growth areas. As part of the Plan, approximately 1,800 employees will exit the Company and the Company will close its Boise and Edmonton sites in service to growing technology teams and capabilities in strategic locations. The Company expects to hire a nearly equivalent number of employees in fiscal 2025 to support the Company's declared growth areas and expects overall headcount to grow in fiscal 2025 and beyond. The Company estimates that it will incur approximately $250 million to $260 million in charges in connection with the Plan, primarily in its fourth fiscal quarter ending July 31, 2024. These charges consist of approximately $217 million to $227 million in future cash expenditures related to severance payments and employee benefits and approximately $33 million in non-cash charges for share-based compensation and charges associate”

UiPath, Inc. announced a restructuring with charges of $15 million to $20 million related to employee termination benefits and approximately $2 million to $5 million in connection with lease exit and other contractu affecting operational and corporate functions (approximately 10% of the Company’s global workforce of approximately 4,200).

“and focusing our research and development investments on artificial intelligence and driving innovation across our platform. The Company estimates that it will incur costs of $15 million to $20 million related to employee termination benefits and approximately $2 million to $5 million in connection with lease exit and other contractual costs. The total”

Hyzon Motors Inc. announced a restructuring with charges of approximately $17 million affecting Netherlands and Australia.

“In connection with the planned exit activities, the Company expects to incur charges of approximately $17 million, of which approximately $7 million is expected to be in cash.”

Vuzix Corp announced a impairment with charges of up to the aggregate amount of $32.2 million, including $26.5 million for technology licenses, and $5.7 million for the Company's investment in Atomistic affecting investment in Atomistic SAS.

“As a result of the termination of the Granted License, on July 1, 2024, the Company's chief financial officer concluded that the Company will be required to incur a material charge for impairment under generally accepted accounting principles, up to the aggregate amount of $32.2 million, including $26.5 million for technology licenses, and $5.7 million for the Company's investment in Atomistic.”

Carisma Therapeutics Inc. announced a restructuring with charges of $4.0 million.

“the Company will incur a termination fee equal to $4.0 million (the “Termination Fee”), which is expected to be paid in the third quarter of 2024”

PITNEY BOWES INC /DE/ announced a restructuring with charges of approximately $25 million.

“reductions and other actions (the “2024 Plan”). The Company currently expects to incur aggregate one-time, pre-tax charges associated with the 2024 Plan of approximately $25 million, primarily related to cash severance costs, to be recorded in the second quarter of 2024. We anticipate incurring additional charges in future periods related to further”

DHI GROUP, INC. announced a restructuring with charges of approximately $1.1 million (approximately 7%).

“approximately 7%. The restructuring is expected to generate annual cost savings of approximately $4 million to $6 million. The Company estimates that it will incur approximately $1.1 million in cash charges related to employee severance and benefits and expects all of the $1.1 million to be future cash expenditures. All charges are expected to be recognized in the”

Jade Biosciences, Inc. announced a restructuring with charges of approximately $5.6 million (39 individuals, or 78% of the Company's workforce).

“against the Company. ​ In connection with the Workforce Reduction Plan, the Company estimates that it will be incurring costs (in consideration of releases) of approximately $5.6 million, which are primarily one-time severance benefits. These costs are expected to be incurred in the third and fourth quarter of 2024. ​ Cautionary Note Regarding Forward-Looking”

Ovid Therapeutics Inc. announced a restructuring with charges of approximately $4.0 million (17 people, or approximately 43% of the Company's existing headcount).

“of a general release of claims against the Company. The Company anticipates a one-time severance-related charge associated with the workforce reduction to be approximately $4.0 million, which represents cash expenditures related to employee severance and notice period payments, benefits and related costs that the Company expects to incur in connection with the”

Jade Biosciences, Inc. announced a restructuring with charges of approximately $5.6 million (39 individuals, or 78% of the Company's workforce).

“against the Company. ​ In connection with the Workforce Reduction Plan, the Company estimates that it will be incurring costs (in consideration of releases) of approximately $5.6 million, which are primarily one-time severance benefits. These costs are expected to be incurred in the third and fourth quarter of 2024. ​ Cautionary Note Regarding Forward-Looking”

PIXELWORKS, INC announced a restructuring with charges of approximately $1.7 million related to employee severance and benefits (approximately 16% reduction in workforce).

“the restructuring to be substantially complete by the end of the second quarter ending June 30, 2024 and expects to incur total estimated restructuring charges of approximately $1.7 million related to employee severance and benefits. The Company expects that these charges will largely be recorded in the second quarter of 2024. In addition to the restructuring”

ILLUMINA, INC. announced a impairment with charges of $420 million affecting GRAIL.

“the Company estimates that it will recognize an impairment charge for the GRAIL IPR&D intangible asset in the second quarter of 2024 equal to $420 million”

ILLUMINA, INC. announced a impairment with charges of $1,466 million affecting GRAIL.

“the Company estimates that it will recognize a goodwill impairment charge in the second quarter of 2024 equal to $1,466 million, or the full remaining carrying value of goodwill related to GRAIL as of March 31, 2024”

GRAIL, Inc. announced a impairment with charges of approximately $420.0 million affecting IPR&D intangible assets.

“Illumina disclosed that it expects to recognize an impairment charge for IPR&D intangible assets of approximately $420.0 million in connection with the Spin-Off, and such charge will also be pushed down to the Company and recorded in the second quarter”

GRAIL, Inc. announced a impairment with charges of $888.9 million affecting goodwill.

“the Company estimates that it will recognize a goodwill impairment charge in the second quarter of 2024 equal to $888.9 million, or the full remaining carrying value of goodwill as of March 31, 2024”

Planet Labs PBC announced a restructuring with charges of approximately $9.5 million to $10.5 million (approximately 180 employees, which represents approximately 17% of the Company’s total number of employees prior to the).

“the long-term growth and profitability of the business. As a result of the headcount reduction, the Company estimates that it will incur non-recurring charges of approximately $9.5 million to $10.5 million in aggregate pre-tax costs in connection with the reduction, consisting of one-time severance and other termination benefit costs. The Company expects that the”

AGCO CORP /DE announced a restructuring with charges of approximately $150 million to $200 million affecting certain corporate and back-office functions (up to approximately 6% as compared to its salaried workforce as of December 31, 2023).

“The Company estimates that it will incur charges for one-time termination benefits of approximately $150 million to $200 million in connection with this phase of the Program, primarily consisting of cash charges related to severance payments, employees benefits and related costs.”

Transocean Ltd. announced a impairment with charges of $140 million and $150 million affecting deepwater floater Deepwater Nautilus and associated assets.

“the Company decided on June 17, 2024, to authorize the sale of the rig and associated equipment, which the Company expects will result in an estimated non-cash charge for the second quarter 2024 ranging between $140 million and $150 million associated with the impairment of such assets.”

Ginkgo Bioworks Holdings, Inc. announced a restructuring with charges of at least $12 million affecting workforce (at least 35% of the workforce).

“for completion of the restructuring plan is not yet fully known; however, the Company expects the initial headcount reductions in June 2024 will result in cash costs of at least $12 million in severance and related separation costs. The Company will provide further details at its earnings call for the second quarter of 2024 and its Quarterly Report on Form 10-Q for”

ALLIANT ENERGY CORP announced a impairment with charges of approximately $60 million affecting regulatory asset for IPL’s retired coal-fired Lansing Generating Station.

“On June 20, 2024, Alliant Energy Corporation (Alliant Energy) and Interstate Power and Light Company (IPL), a wholly-owned subsidiary of Alliant Energy, concluded they will incur a one-time charge for the three and six months ending June 30, 2024, related to the non-unanimous settlement agreement reached with the Office of Consumer Advocate and the Iowa Business Energy Coalition for IPL’s retail electric rate review. As a result of the settlement agreement, IPL concluded that it is no longer probable that it will earn a return on the regulatory asset for IPL’s retired coal-fired Lansing Generating Station from its retail customers when final rates are expected to be implemented later in 2024. The amount of the non-cash pre-tax charge is approximately $60 million”

MERCURY SYSTEMS INC announced a restructuring with charges of approximately $5 million affecting the next phase of this effort, and implemented a workforce reduction (approximately 100 positions).

“On June 17, 2024, we approved the next phase of this effort, and implemented a workforce reduction that will eliminate approximately 100 positions, resulting in expected restructuring charges of approximately $5 million for employee separation costs”

DELTA APPAREL, INC announced a restructuring affecting DTG2Go business unit (approximately 115 employees).

“On June 12, 2024, the board of directors (the “Board”) of Delta Apparel, Inc. (the “Company”) approved a plan (the “DTG2Go Exit Plan”) to exit the DTG2Go business unit (“DTG2Go”) of the Company’s Delta Group operating segment.”

Tvardi Therapeutics, Inc. announced a restructuring with charges of approximately $2.6 million (approximately 70%).

“On June 14, 2024, the Board of Directors of Cara Therapeutics, Inc. (the “Company”) approved a streamlined operating plan exploring strategic alternatives focused on maximizing shareholder value after the Company announced its decision to discontinue the clinical program in notalgia paresthetica (“NP”) following the outcome from the dose-finding Part A of the KOURAGE-1 study evaluating the efficacy and safety of oral difelikefalin for moderate-to-severe pruritus in adult patients with NP on June 12, 2024. In connection with the streamlined operating plan, the Board of Directors also approved a reduction in the Company’s workforce by approximately 70%, which the Company expects to substantially complete by June 30, 2024. The Company anticipates recognizing approximately $2.6 million in total charges in connection with the reduction in force, which costs are expected to be substantially recognized in the second and third quarter of 2024.”

Can B Corp announced a restructuring with charges of up to $132,000 affecting hemp division.

“the Company will no longer pursue the development, manufacture or sale of hemp derived products. The Company expects to issue approximately 4,825,000 shares of its common stock and return approximately 1.4 million pounds of biomass to a supplier in connection with the termination of a hemp processing agreement. In addition, the Company expects to incur lease termination costs of up to $132,000 in connection with the termination of its hemp operations.”

DermTech, Inc. announced a restructuring with charges of approximately $0.6 million (approximately 15 employees (approximately 20% of the Company’s workforce)).

“On June 12, 2024, the Board of Directors (the “Board”) of the Company approved a reduction in force (the “Reduction in Force”) of approximately 15 employees (approximately 20% of the Company’s workforce), with potential additional reductions of DermTech’s workforce in the future, in order to reduce the Company’s operating expenses and in an effort to preserve value for stakeholders. The Company estimates that it will incur aggregate pre-tax charges of approximately $0.6 million in connection with the Reduction in Force, primarily consisting of severance payments, employee benefits and related costs.”

DELTA APPAREL, INC announced a restructuring affecting Honduras manufacturing operations (approximately 2,413 employees).

“On June 6, 2024, Delta Apparel, Inc. (the “Company”) committed to a plan to formally suspend its manufacturing operations in Honduras due to ongoing liquidity challenges.”

TPI COMPOSITES, INC announced a impairment with charges of approximately $20 million affecting Automotive Subsidiary.

“As a result of the divestiture, the Company expects to recognize a non-cash, pre-tax impairment charge of approximately $20 million during the second quarter of fiscal 2024.”

VIAVI SOLUTIONS INC. announced a restructuring with charges of approximately $15 million affecting various functions (approximately 6% of its global workforce).

“needs. The Company expects approximately 6% of its global workforce to be affected and estimates it will incur severance and termination benefits charges of approximately $15 million in connection with the Plan. The Company anticipates the Plan to result in approximately $25 million in annualized cost savings and to be substantially completed within the next”