Restructurings, exit costs, and impairments under 8-K Items 2.05/2.06.
HOOKIPA Pharma Inc. announced a impairment with charges of between $10 million and $13 million affecting GMP facility project.
“HOOKIPA expects a non-cash impairment of “assets under construction” between $10 million and $13 million from the discontinuation of the GMP facility project as part of the Reduction Plan.”
HOOKIPA Pharma Inc. announced a restructuring with charges of approximately $1.5 million in severance, restructuring and related costs affecting the Company (55 full-time employees, or approximately 30% of the Company's then-current employee base).
“into an effective separation agreement, which includes a general release of claims against the Company. The workforce reduction is expected to result in approximately $1.5 million in severance, restructuring and related costs. HOOKIPA expects a non-cash impairment of “assets under construction” between $10 million and $13 million from the discontinuation”
IROBOT CORP announced a restructuring with charges of $12 million to $13 million affecting global workforce (approximately 350 employees).
“On January 29, 2024, following the termination of the Merger Agreement, the Company announced it will implement an operational restructuring plan that is expected to include an overall reduction of approximately 350 employees, which represents 31% of the Company’s global workforce as of December 30, 2023. In connection with this workforce reduction, the Company expects to record restructuring charges of approximately $12 million to $13 million in the first two quarters of 2024 primarily relating to severance packages and related benefits, with the majority of the restructuring charges anticipated in the first quarter of 2024.”
Fathom Digital Manufacturing Corp announced a restructuring with charges of totaling approximately $3.2 million affecting Miami Lakes, Florida manufacturing facility (approximately 50 people).
“of persistent and continuing profitability challenges experienced at the facility. The Company expects to incur pre-tax charges related to the closure totaling approximately $3.2 million, consisting of approximately $0.6 million in severance and other employee-related costs, approximately $2.4 million in fixed asset and facility related write-down expenses, and”
PROG Holdings, Inc. announced a restructuring with charges of approximately $28 to $31 million of restructuring charges (reduction in our workforce).
“the Company estimates that it will incur approximately $28 to $31 million of restructuring charges, substantially all of which are expected to be incurred by the end of the first fiscal quarter of 2024”
Jamf Holding Corp. announced a restructuring with charges of approximately $6.6 million to $8.2 million (approximately 6% of the Company's full-time employees).
“The Company currently estimates that it will incur charges of approximately $6.6 million to $8.2 million in connection with the Plan, consisting of cash expenditures for notice period and severance payments, employee benefits, and related costs.”
Cue Health Inc. announced a restructuring with charges of in the range of approximately $3.2 million to $4.0 million (151 employees, which constitutes a reduction of approximately 24% in the Company's global workforce).
“In connection with the CRP, the Company estimates that it will record an aggregate restructuring charge related to one-time termination benefits in the range of approximately $3.2 million to $4.0 million. The substantial majority of these charges will result in cash expenditures. Cash expenditures in connection with the CRP consist of payments for salary,”
Desktop Metal, Inc. announced a restructuring with charges of $24.3 million to $31.5 million affecting global (approximately 20%).
“resulting in sequential cost reductions across the first half of 2024. The Company expects it will incur total pre-tax restructuring charges related to the Initiative of between $24.3 million to $31.5 million, which includes between $5.1 million and $6.5 million of estimated one-time termination benefits and associated costs, between $19.0 million and $24.0 million of”
ADT Inc. announced a restructuring affecting residential solar business.
“On January 19, 2024, the Company’s board of directors (the “Board of Directors”) approved a plan to fully exit the residential solar business”
Invitae Corp announced a restructuring with charges of approximately $4 million.
“The Company expects to incur one-time severance related charges of approximately $4 million in the quarter ending March 31, 2024.”
EBAY INC announced a restructuring with charges of $90 million to $110 million (approximately 1,000 employee roles, or 9%).
“the Company currently estimates that it will incur GAAP pre-tax charges in the range of $90 million to $110 million, substantially all of which are expected to be related to severance payments and post-employment benefits”
Mativ Holdings, Inc. announced a restructuring with charges of $15 million to $20 million affecting organizational realignment (reduce its workforce, indexed toward senior levels of the organization).
“The Company estimates that it will incur approximately $15 million to $20 million in restructuring and restructuring-related charges in 2024 in connection with the Plan, consisting primarily of employee severance payments and other termination benefits, which are expected to be incurred predominantly in the first half of 2024.”
MedAvail Holdings, Inc. announced a restructuring with charges of approximately $0.3 million (approximately 40% of the Company's current full-time employees).
“expected to result in annualized operating expense savings of approximately $1.7 million compared to the full year 2024. The Company expects to incur expenses of approximately $0.3 million during the first quarter of 2024 related to the Reduction. The first quarter expenses and annualized savings the Company expects in connection with the Reduction are estimates”
SunPower Inc. announced a restructuring with charges of approximately $0.98 million (approximately 15 employees and 19 contractors, constituting approximately 14% of the Company’s workforce).
“will result in approximately $3.4 million in cost savings in 2024. The Company estimates that it will incur charges associated with the Workforce Reduction of approximately $0.98 million, primarily related to employee severance payments, benefits and related termination costs. The Company expects to recognize the majority of these charges in the first quarter of”
Vroom, Inc. announced a restructuring affecting ecommerce operations and used vehicle dealership business (approximately 800 employees will be impacted upon substantial implementation of the Value Maximization Plan, resulting i).
“the Company is suspending transactions through vroom.com, planning to sell its current used vehicle inventory through wholesale channels, halting purchases of additional vehicles, and executing a reduction-in-force commensurate with its reduced operations”
SOLAREDGE TECHNOLOGIES, INC. announced a restructuring with charges of $36 million to $41 million affecting light commercial vehicle e-mobility activity.
“In connection with the discontinuation of the Company’s light commercial vehicle e-mobility activity, the Company expects to record aggregate pre-tax charges of $36 million to $41 million, of which $33 million to $38 million are related to inventory write-offs and non-cancelable purchase orders.”
SOLAREDGE TECHNOLOGIES, INC. announced a restructuring with charges of $59 million to $66 million affecting global workforce, manufacturing sites (approximately 16% of the SolarEdge global workforce, or approximately 900 employees).
“commercial vehicle e-mobility activity. In connection with the Restructuring Plan, the Company expects to record aggregate pre-tax restructuring and asset-related charges of $59 million to $66 million, comprised of $6 million to $7 million of severance and related benefit costs (excluding stock-based compensation expense), $22 million to $25 million of”
Tvardi Therapeutics, Inc. announced a restructuring with charges of between $2.5 million and $3 million (a reduction in the Company’s workforce).
“On January 17, 2024, in connection with a review of the company’s strategic priorities, the Board of Directors of Cara Therapeutics, Inc. (the “Company”) approved a strategic reprioritization to focus the Company’s resources on the Company’s late stage clinical program evaluating oral difelikefalin in pruritus associated with notalgia paresthetica, and approved the termination of the Company’s Phase 3 clinical program evaluating oral difelikefalin in pruritus associated with advanced chronic kidney disease, including the termination of the ongoing KICK 1 and KICK 2 clinical trials. In connection with the termination of the oral chronic kidney disease program, the Board of Directors also approved a reduction in the Company’s workforce, which the Company expects to substantially complete by January 31, 2024. The Company anticipates recognizing between $2.5 million and $3 million in total charges in the first quarter of 2024 in connection with the reduction in force.”
Arena Group Holdings, Inc. announced a restructuring with charges of approximately $5 million to $7 million (approximately one-third of its current workforce).
“Where required, worker adjustment and retraining notification (“WARN”) shall be given. In connection with these actions, the Company estimates that it will incur approximately $5 million to $7 million in total restructuring charges, the substantial majority of which are future cash-based expenditures and substantially all of which are related to, employee”
Wayfair Inc. announced a restructuring with charges of between approximately $70 million and $80 million (approximately 1,650 employees, representing approximately 13% of our global workforce and approximately 19% of our corpo).
“On January 19, 2024, Wayfair announced a workforce reduction involving approximately 1,650 employees, representing approximately 13% of our global workforce and approximately 19% of our corporate team, in each case as of December 31, 2023. These changes reflect efforts to reshape the organization by streamlining our structure and reducing seniority levels across departments. As a result of this workforce reduction, we expect to incur between approximately $70 million and $80 million of costs, consisting primarily of employee severance and benefit costs, most of which are expected to be incurred in the first quarter of 2024.”
ImageneBio, Inc. announced a restructuring with charges of approximately $1.6 million affecting discovery organization, as well as select employees working in development and general and administrative functions (approximately 35%).
“to the discontinuation of its discovery efforts and expects to recognize these charges during the three months ended March 31, 2024, of which aggregate charges of approximately $1.6 million relate to the Workforce Reduction. Expenses related to the Workforce Reduction consist of employee severance and related termination benefits, and are expected to result in”
PMV Pharmaceuticals, Inc. announced a restructuring with charges of approximately $1.4 million (approximately 30% of the Company’s employees).
“development for its lead product candidate, PC14586. As a result of the reduction in force, the Company expects to incur aggregate non-recurring charges of approximately $1.4 million, consisting primarily of employee severance and benefit costs associated with the restructuring. The Company expects that most of these charges will be cash expenditures and that”
Vintage Wine Estates, Inc. announced a restructuring with charges of Restructuring charges for the actions are expected to be approximately $1.5 million, which will be reflected in the third quarter of fiscal 2024 which ends Marc affecting overall business (reducing its workforce by approximately 15%).
“On January 16, 2024, the Company's Board of Directors approved an organizational restructuring plan (the "Plan") to monetize assets and reduce non-core lower margin product and service offerings. As part of the Plan, there is a reduction in force affecting approximately 15% of the workforce, which is expected to result in annualized cost savings of $7.1 million.”
MERCURY SYSTEMS INC announced a restructuring with charges of approximately $10 - 12 million affecting Mission Systems and Microelectronics divisions (approximately 100 positions).
“On January 12, 2024, we approved and initiated a workforce reduction that will eliminate approximately 100 positions, resulting in expected restructuring charges of approximately $10 - 12 million.”
SUNPOWER CORP announced a restructuring with charges of approximately $12.8 million.
“in part, by higher interest rates. The plan is intended to improve the economics of the business. The Company expects to incur restructuring charges totaling approximately $12.8 million, consisting of approximately $8.2 million in severance benefits, and expects to write down approximately $4.7 million in right of use assets. The Company plans to execute the”
LEGGETT & PLATT INC announced a impairment with charges of approximately $450 million affecting Bedding Products segment.
“we concluded, on January 12, 2024 that the Company will record an estimated pre-tax impairment charge of approximately $450 million related to long-lived assets (primarily the intangibles).”
LEGGETT & PLATT INC announced a restructuring with charges of $65 to $85 million affecting Bedding Products segment (900 to 1,100).
“Plan. These transactions are expected to be largely complete by the end of 2025. In aggregate, we expect to incur restructuring and restructuring-related costs between $65 and $85 million, of which approximately half are anticipated to be incurred in 2024 and the remainder in 2025. This includes $30 to $40 million in cash costs, the majority of”
Alpha Teknova, Inc. announced a restructuring with charges of approximately $1.2 million (approximately 15% of its current employees).
“the RIF are estimated at approximately $6.4 million. The Company expects to substantially complete the RIF by February 1, 2024. The Company expects to recognize approximately $1.2 million in total charges for severance and related benefits for employees whose employment was or will be terminated pursuant to the RIF. These are one-time termination benefits and are”
Instil Bio, Inc. announced a restructuring with charges of up to $6.1 million affecting Manchester, UK manufacturing and clinical trial operations (approximately 61%).
“report clinical data from the ITIL-306-202 clinical trial in 2024 . In connection with the Plan, the Company estimates that it will incur aggregate restructuring costs of up to $6.1 million, including employee termination costs, including severance and other benefits, and contract termination costs. The charges that the Company expects to incur in connection with”
Allakos Inc. announced a restructuring with charges of approximately $30 million (approximately 50%).
“On January 16, 2024, the Company announced plans to halt development of lirentelimab, the Company’s former lead product candidate, and focus on the clinical development of its AK006 program. As part of the corporate restructuring, the Company is halting lirentelimab-related activities across clinical, manufacturing, research and administrative functions. The Company also committed to reducing its workforce by approximately 50%. The total costs related to halting lirentelimab-related activities and reducing the workforce are estimated to be approximately $30 million, with the majority of these amounts expected to be paid in the first half of 2024.”
Invitae Corp announced a restructuring with charges of approximately $10 million (a workforce reduction).
“the Company committed to a workforce reduction and other cost saving initiatives as part of the Company’s efforts to reduce operating expenses. At the time of the Original Report, the Company estimated that it would incur one-time severance related payments of approximately $10 million.”
AMERICAN ELECTRIC POWER CO INC announced a impairment with charges of approximately $222 million affecting APCo and WPCo (Appalachian Power Company and Wheeling Power Company).
“As a result of the WVPSC's final order, AEP anticipates recording a pretax, non-cash disallowance of approximately $222 million (approximately $127 million attributable to APCo and approximately $95 million attributable to WPCo) in the fourth quarter of 2023.”
MeridianLink, Inc. announced a restructuring with charges of approximately $3.3 million to $4.3 million affecting the entire organization, with the largest impact in technology and R&D (approximately 9%).
“of strategic importance. The Plan includes a reduction of the Company’s current workforce by approximately 9%. The Company estimates that it will incur charges of approximately $3.3 million to $4.3 million in connection with the Plan, consisting primarily of cash expenditures and relating to employee severance payments, employee benefits, and employee transition”
ChargePoint Holdings, Inc. announced a restructuring with charges of approximately $14 million affecting global workforce, facilities (approximately 12%).
“On January 10, 2024, ChargePoint Holdings, Inc. (the "Company") implemented a reorganization of its operations including a reduction of the Company's current global workforce by approximately 12% (the “Reorganization”). The Reorganization is expected to lead to approximately $14 million in restructuring charges, consisting of approximately $10 million in severance and related expenses and approximately $4 million in facility-related expenses.”
Alcoa Corp announced a restructuring with charges of between $180 million and $200 million affecting Kwinana alumina refinery located in Western Australia (approximately 800 employees and this number will be reduced to approximately 250 in the third quarter of 2024).
“In the first quarter of 2024, Alcoa will record restructuring charges between $180 million and $200 million related to the curtailment of the Refinery.”
C4 Therapeutics, Inc. announced a restructuring with charges of approximately $3 million (approximately 30% of the workforce or 45 positions).
“The employees impacted by the strategic imperatives and resulting Restructuring were notified on January 9, 2024 and represent approximately 30% of the workforce or 45 positions. The reductions will be substantially complete by the end of the first quarter of 2024. As a result of these changes, the Company estimates that it will incur charges of approximately $3 million.”
Keenova Therapeutics plc announced a impairment affecting StrataGraft inventory.
“the Company expects to recognize an impairment charge related to its existing StrataGraft inventory in the first fiscal quarter of 2024. The Company cannot currently estimate the size or materiality of the impairment charge because it is currently assessing the fair value of its assets as a result of the adoption of fresh-start accounting”
Keenova Therapeutics plc announced a restructuring with charges of approximately $15 million affecting StrataGraft product (approximately $5 million of one-time termination benefits).
“the Company currently expects to incur pre-tax charges, exclusive of impairments, of approximately $15 million, which include (i) approximately $5 million of one-time termination benefits, (ii) approximately $5 million in contract and lease termination costs, and (iii) approximately $5 million of other associated costs.”
Rent the Runway, Inc. announced a restructuring with charges of approximately $3 million to $4 million (approximately 10% of its corporate employees).
“On January 8, 2024, the Board of Directors of Rent the Runway, Inc. (the “Company”) approved a plan designed to focus its workforce and cost structure on key growth opportunities and support its profitability goals, consistent with the Company’s anticipated budget for fiscal year 2024 (the “Restructuring Plan”). The initiative includes a reduction in workforce that will involve approximately 10% of its corporate employees. The Restructuring Plan is expected to be substantially completed by the end of the fourth quarter of fiscal 2023 and fully completed by the end of the second quarter of fiscal 2024. The Company expects to incur charges of approxim ately $3 million to $4 million for the Restructuring Plan, substantially all of which is expected to be incurred in the fourth quarter of fiscal year 2023.”
NEVRO CORP announced a restructuring with charges of $5 million to $6 million restructuring charge affecting corporate, sales and marketing, and operations positions but largely focused on internally facing roles (63 employees, which represented approximately 5% of the Company’s total number of employees).
“expense increases, including inflation, merit increases and other acquisition-related expenses. In addition, GAAP operating expenses in the first quarter of 2024 will reflect a $5 million to $6 million restructuring charge, consisting of one-time severance and other termination benefit costs. The Company expects that the Restructuring, including related cash”
ILLUMINA, INC. announced a impairment with charges of approximately $43 million affecting Foster City campus.
“and now estimates that it will incur right-of-use asset and leasehold improvement impairment charges of approximately $43 million in the fourth fiscal quarter of 2023 related to this exit.”
EXELIXIS, INC. announced a restructuring with charges of $25 million (approximately 175 employees or 13% of our total headcount at the end of 2023).
“On January 5, 2024, the Company’s Board of Directors (the Board) authorized a restructuring plan (the Plan) to reduce its workforce and rebalance the Company’s cost structure in alignment with its strategic priorities, including reducing real estate commitments and costs and terminating certain licensing partnerships. In connection with the Plan, the Company currently estimates that it will incur aggregate charges of approximately $25 million, $13.5 million of which relate to the workforce reduction. The Company expects these costs will be substantially recognized during the first quarter of 2024. The Plan will result in a workforce reduction of approximately 175 employees or 13% of our total headcount at the end of 2023.”
Enveric Biosciences, Inc. announced a restructuring with charges of approximately $40,000 (approximately seven positions, representing approximately 50% of the Company's global workforce).
“to decrease its costs and create a more streamlined organization to support its business. In connection with the RIF, the Company currently estimates it will incur approximately $40,000 of costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company expects to recognize in the first quarter of 2024.”
NEWELL BRANDS INC. announced a restructuring with charges of approximately $75 million to $90 million affecting global organizational realignment (reduce its office roles by approximately 7%).
“The Company estimates that it will incur approximately $75 million to $90 million in restructuring and restructuring-related charges in connection with the Plan, substantially all of which are expected to be incurred by the end of fiscal 2024.”
NUSCALE POWER Corp announced a restructuring with charges of approximately $3 million in the first quarter of 2024 in connection with the Plan affecting Company's current workforce (reduction of the Company’s current workforce by 154 full time employees which represents approximately 28 percent of ful).
“On January 5, 2024, NuScale Power Corporation (the “Company”) announced a restructuring plan (the “Plan”). The Plan includes a reduction of the Company’s current workforce by 154 full time employees which represents approximately 28 percent of full-time staff. The Plan was adopted to reduce the Company’s cost base and focus resources on key strategic areas. The Company will record a charge of approximately $3 million in the first quarter of 2024 in connection with the Plan. These charges consist primarily of severance payments and related benefit costs.”
LivaNova PLC announced a impairment with charges of up to approximately $110 million affecting Advanced Circulatory Support ("ACS") Business Unit.
“the Company expects to incur a pre-tax non-cash impairment charge of up to approximately $110 million in the fourth quarter of 2023”
LivaNova PLC announced a restructuring with charges of $15 million to $20 million affecting Advanced Circulatory Support ("ACS") Business Unit.
“the Company expects to incur pre-tax restructuring charges in the range of approximately $15 million to $20 million.”
Atara Biotherapeutics, Inc. announced a restructuring with charges of approximately $4.5 million (approximately 25% of its current employees).
“On January 8, 2024, Atara Biotherapeutics, Inc. (the “Company”) announced a reduction in its workforce that will impact approximately 25% of its current employees. The Company expects to substantially complete the workforce reduction by May 2024. The Company expects to recognize approximately $4.5 million in total for severance and related benefits for employees laid off under the reduction in force.”
MAXLINEAR, INC announced a restructuring with charges of approximately $10 million to $11 million.
“As a result of the Workforce Reduction, in the three months ended December 31, 2023, we incurred approximately $10 million to $11 million in restructuring costs primarily related to severance costs and related expenses, and estimate that we will incur approximately $30 million to $40 million in restructuring costs in 2024.”
Strong Global Entertainment, Inc. announced a restructuring with charges of approximately $3.0-$4.0 million affecting content business, including Strong Studios, Inc. and Unbounded Media Corporation.
“reduce general and administrative costs, and improve financial performance. In connection with this plan, the Company is expected to incur total pre-tax charges of approximately $3.0-$4.0 million, including approximately $2.0-$3.0 million in asset impairments and $0.6-$0.8 million in restructuring costs. Closing the Business is expected to eliminate overhead”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.