Restructurings & Charges

Senti Biosciences, Inc. announced a restructuring with charges of approximately $1 million (approximately 37%).

“On January 3, 2024, the Board of Directors (the “Board”) of Senti Biosciences, Inc. (the “Company”) approved plans to streamline the Company’s business operations to enable increased focus on SENTI-202, a first-in-class Logic Gated investigational cell therapy for the treatment of acute myeloid leukemia and to continue support for the clinical development activities of SENTI-301A for the treatment of hepatocellular carcinoma in China through the Company’s partnership with Celest Therapeutics. Pursuant to these plans, the Company is reducing its workforce by approximately 37%. The Company expects that these resource allocation efforts, in addition to other expected receivables, will extend its cash runway into the first quarter of 2025. The Company expects to incur one-time estimated severance and related costs of approximately $1 million, which are anticipated to be incurred and recorded in the first quarter of 2024.”

Allogene Therapeutics, Inc. announced a restructuring with charges of charges of approximately $5.0 million to $5.5 million for severance payments and employee benefits affecting financial.

“The Company estimates that it will incur charges of approximately $5.0 million to $5.5 million for severance payments and employee benefits, primarily in the first quarter of 2024.”

Allogene Therapeutics, Inc. announced a restructuring with charges of reduction in the Company’s workforce of approximately 22% of the Company’s employees in connection with the Company’s pipeline prioritization and clinical devel affecting workforce (approximately 22% of the Company’s employees).

“On January 4, 2024, the Company’s Board of Directors approved a reduction in the Company’s workforce of approximately 22% of the Company’s employees in connection with the Company’s pipeline prioritization and clinical development strategy.”

Cue Health Inc. announced a restructuring with charges of approximately $2.1 million to $2.8 million (94 employees).

“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 $2.1 million to $2.8 million. The substantial majority of these charges will result in cash expenditures. Cash expenditures in connection with the CRP consist of payments for salary,”

NS Wind Down Co., Inc. announced a restructuring with charges of approximately $2 million (approximately 50 positions, representing approximately 9% of the Company's global workforce).

“On December 31, 2023, the Company committed to a reduction in force that is expected to result in the termination of approximately 50 positions, representing approximately 9% of the Company's global workforce. The Company took this step to decrease its costs and create a more streamlined organization to support its business. In connection with the reduction in force, the Company currently estimates it will incur approximately $2 million of costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company expects to recognize in the fourth quarter of 2023.”

Definitive Healthcare Corp. announced a restructuring with charges of pre-tax cash restructuring and related charges to its GAAP financial results of approximately $6.5 million to $7.2 million, consisting primarily of severance pa (reduction of the Company’s current workforce by 154 people).

“On January 3, 2024, the Company committed to a restructuring plan (the “Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The Plan provides for a reduction of the Company’s current workforce by 154 people. The Company estimates that in the first half of 2024 it will incur pre-tax cash restructuring and related charges to its GAAP financial results of approximately $6.5 million to $7.2 million, consisting primarily of severance payments, employee benefits, and related cash expenses, as well as an approximate $1.5 million non-cash charge related to the vesting of share-based awards for employees who are terminated.”

Kalaris Therapeutics, Inc. announced a restructuring with charges of approximately $13 million (approximately 95% of AlloVir’s current employee base).

“2024 and expects to be substantially completed by April 15, 2024. As a result of these actions, AlloVir expects to incur personnel-related restructuring charges of approximately $13 million in connection with one-time employee termination cash expenditures, including severance and other benefits, which are expected to be substantially incurred in the first quarter”

AMYRIS, INC. announced a restructuring with charges of approximately $2.4 million affecting certain consumer brands (approximately 220 employees).

“In connection with the sale of certain consumer brands, the Company announced the termination or separation of approximately 220 employees at different dates beginning on December 18, 2023 and continuing through January 2024. The Company previously announced reductions in force in June 2023 and August 2023, which, together with general attrition, is expected to result in reduction in force of approximately 51% from June 2023 to the end of January 2024. In connection with this reduction in force, certain impacted employees will be provided severance benefits, including cash severance payments and reimbursement of medical insurance premiums. In connection with the December 2023 and January 2024 reduction in force, the Company expects to record a one-time charge of approximately $2.4 million related to the reduction in its workforce, consisting primarily of one-time severance payments upon termination of the employees.”

ATHERSYS, INC / NEW announced a restructuring with charges of approximately $0.360 million affecting corporate (terminated four of its employees. Effective December 31, 2023, the Company anticipates terminating its remaining employe).

“The Company anticipates that some of the terminated employees may continue to advise the Company on a consulting basis. The Company estimates that it will incur approximately $0.360 million of one-time pre-tax cash charges related to the employee terminations, consisting of employee severance and other one-time termination benefits. These estimates are subject to a”

NIKE, Inc. announced a restructuring with charges of approximately $400 million to $450 million affecting the organization.

“on December 21, 2023, the Audit and Finance Committee of the Board of Directors of the Company approved steps to streamline the organization, which are expected to result in restructuring charges of approximately $400 million to $450 million, primarily associated with employee severance costs”

ZimVie Inc. announced a impairment with charges of $250 to $310 million affecting Spine business.

“ZimVie anticipates a non-cash impairment charge of $250 to $310 million to be taken in the fourth quarter of 2023 related to this event, as the assets associated with this business will be classified as held for sale at year-end.”

ACCO BRANDS Corp announced a restructuring with charges of approximately $9 million affecting dated and planning products business (approximately 300 employees).

“300 employees that will be impacted by the Plan. The Company expects to record a pre-tax restructuring charge for the period ending December 31, 2023 of approximately $9 million representing employee termination and benefit costs. We expect to record additional restructuring charges of $2 million during 2024 relating to the wind-up activities at Sidney.”

AMERICAN ELECTRIC POWER CO INC announced a impairment with charges of anticipates recording a pretax, non-cash disallowance ranging from $80 million to $90 million in the fourth quarter of 2023 affecting SWEPCo Turk Plant.

“As a result of the PUCT’s approval of the preliminary order, SWEPCo believes it is probable the PUCT will disallow capitalized AFUDC in excess of the Texas Capital Cost Cap and anticipates recording a pretax, non-cash disallowance ranging from $80 million to $90 million in the fourth quarter of 2023.”

Forward Industries, Inc. announced a restructuring with charges of approximately $1.7million affecting Retail Distribution Operations.

“the Company has determined that the costs that the Company will incur as a result of the exit will be approximately $1.7million.”

Shapeways Holdings, Inc. announced a restructuring with charges of approximately $0.45 million (approximately 33 employees, representing approximately 24% of the Company's global non-production workforce (or approxim).

“workforce (or approximately 15% of the Company's total global workforce). The Company currently estimates that it will incur one-time cash charges of approximately $0.45 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits and related costs. The Company expects that the”

Aclaris Therapeutics, Inc. announced a restructuring with charges of totaling approximately $3.1 million (approximately 46%).

“order to streamline operations, reduce costs and preserve capital. ​ As a result of the reduction in force, the Company expects to incur a one-time charge totaling approximately $3.1 million in connection with one-time employee termination costs, including severance and other benefits. This charge is expected to be incurred during the quarter ending December 31,”

Kaspien Holdings Inc. announced a restructuring with charges of approximately $1.8 million for retention, severance and other employee termination-related costs affecting the Company's operations (substantially all of the Company's employees).

“execute an orderly wind down of the Company and support the efforts to maximize the value of the Company’s business and assets. The Company’s previous estimate of approximately $1.8 million for retention, severance and other employee termination-related costs in the fourth quarter of 2023 remains unchanged. The Company also estimates that it will incur other wind”

FMC CORP announced a restructuring with charges of $20 to $40 million affecting Brazil business and select jurisdictions.

“The Company estimates severance charges and other costs for initial actions already underway through Project Focus to be in the range of $20 to $40 million.”

OnKure Therapeutics, Inc. announced a restructuring with charges of approximately $2.5 million.

“the Company estimates that it will incur charges of approximately $2.5 million associated with cash severance payments and other employee termination-related costs in the fourth quarter of 2023.”

Invitae Corp announced a restructuring with charges of approximately $10 million affecting Company-wide (approximately 15%).

“The Company also announced plans to reduce its operating expenses through a workforce reduction and other cost saving initiatives, which include streamlining processes across its core platforms and optimizing its technology, professional services and other spending. The divestiture and the announced plans will decrease the Company's workforce by approximately 15%. In combination with the Ciitizen transaction, these initiatives are anticipated to result in one-time severance related payments of approximately $10 million.”

Vir Biotechnology, Inc. announced a restructuring with charges of $30 million to $40 million affecting research and development facilities (approximately 12% of the workforce or 75 positions).

“continue at the Company’s sites in San Francisco, California and Bellinzona, Switzerland. As a result of these changes, the Company estimates that it will incur charges between $30 million to $40 million, primarily related to facility closures and to a lesser extent, employee severance costs. Of the total charges, the Company estimates that $3 million to $4 million”

ETSY INC announced a restructuring with charges of approximately $25 million to $30 million in charges affecting Etsy marketplace (approximately 225 employees).

“cost savings and/or cost avoidance, particularly related to compensation and benefits. In connection with the Restructuring Plan, Etsy estimates that it will incur approximately $25 million to $30 million in charges, largely made up of cash expenditures, consisting of severance payments, employee benefits, and related costs. Etsy expects that the charges will be”

HASBRO, INC. announced a restructuring with charges of approximately $40 million of incremental severance related expenses affecting enterprise-wide (approximately 900 incremental positions).

“The Company currently anticipates that approximately 900 incremental positions will be eliminated as part of the Additional Actions, which are expected to be substantially completed over the next 18 to 24 months. In connection with the Initial Actions, the Company accrued approximately $94 million of expenses related to severance, stock compensation and employee benefits, and expects to accrue approximately $40 million of incremental severance related expenses in connection with the Additional Actions.”

Catalent, Inc. announced a impairment with charges of fixed asset impairment charges primarily associated with an idle facility in the Biologics segment affecting Biologics.

“Revisions to unallocated costs represent fixed asset impairment charges primarily associated with an idle facility in the Biologics segment.”

Catalent, Inc. announced a impairment with charges of $689 million of non-cash goodwill impairment charges affecting Biologics.

“For the three months ended September 30, 2023, unallocated costs include $689 million of non-cash goodwill impairment charges.”

IGM Biosciences, Inc. announced a restructuring with charges of approximately $1.9 million (approximately 22 percent).

“The Company estimates it will incur approximately $1.9 million in employee-related restructuring charges as a result of the Strategic Refocusing, consisting of cash expenditures of $3.9 million from one-time employee benefits and severance costs, offset by non-cash benefits of $2.0 million related to the reversal of previously recognized incentive and stock-based compensation expense.”

Transportation & Logistics Systems, Inc. announced a impairment affecting FC business (TLSS-FC, Inc. and Freight Connections, Inc.).

“On December 1, 2023, two subsidiaries of TLSS Operations Holding Company, Inc., a wholly-owned subsidiary of Transportation and Logistics Systems, Inc. (OTC PINK: TLSS) (“TLSS” or the “Company”), specifically TLSS-FC, Inc. and Freight Connections, Inc. (together “FC”) filed voluntary petitions under Chapter 7 of the US Bankruptcy Court, in the District of New Jersey.”

Ventyx Biosciences, Inc. announced a restructuring with charges of approximately $2.0 million (approximately 20% of the Company’s workforce).

“On December 5, 2023, Ventyx Biosciences, Inc. (the “Company”), committed to and implemented a reduction in force that impacted approximately 20% of the Company’s workforce. The Company expects to recognize approximately $2.0 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 benefits for a specific period of time.”

Broadcom Inc. announced a restructuring with charges of approximately $1.3 billion.

“the Company expects to take charges of approximately $1.3 billion through fiscal year 2025 for the implementation of cost reduction activities.”

PROCTER & GAMBLE Co announced a impairment with charges of approximately $1.3 billion before tax ($1.0 billion after tax) noncash impairment charge affecting Gillette business.

“on December 1, 2023, the Company concluded it will record an approximately $1.3 billion before tax ($1.0 billion after tax) noncash impairment charge in the quarter ending December 31, 2023, on intangible assets acquired as part of the Company’s 2005 acquisition of The Gillette Company.”

BILL Holdings, Inc. announced a restructuring with charges of approximately $29 million to $35 million affecting global workforce and Sydney, Australia office (approximately 15%).

“On December 5, 2023, BILL Holdings, Inc. (the “Company”) announced that it will reduce its global workforce by approximately 15%, close its office in Sydney, Australia, allocate resources to its key business priorities in service of small and midsize businesses and focus on improving the profitability of its core business (the “Restructuring”). The Company estimates that it will incur charges of approximately $29 million to $35 million in connection with the Restructuring, primarily consisting of cash expenditures for severance payments, employee benefits and related costs, in addition to non-cash charges for stock-based compensation expense.”

Enviva Inc. announced a impairment with charges of $103.9 million affecting sole reporting unit.

“Based on this approach, on December 4, 2023, management presented to the Company’s Board of Directors its determination that the carrying value of the Company’s sole reporting unit exceeded its fair value and the Board of Directors concluded that a material charge for impairment to goodwill will be required for the fourth quarter of 2023. As a result, the Company expects to record a material non-cash pretax impairment charge related to goodwill of $103.9 million in the fourth quarter of 2023.”

Kaspien Holdings Inc. announced a restructuring with charges of approximately $1.8 million (substantially all of our employees).

“After an assessment of our current cash and liquidity position, we decided to initiate a reduction in force of substantially all of our employees other than a core group of employees. We estimate that we will incur approximately $1.8 million for retention, severance and other employee termination-related costs in the fourth quarter of 2023.”

TuSimple Holdings Inc. announced a restructuring with charges of one-time charges of approximately $7 million to $8 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee tra affecting U.S. operations (reduction in the Company's U.S. workforce by approximately 150 employees, or 75% and 19% of the Company's U.S. and globa).

“On November 30, 2023, the Company’s Board of Directors (the “Board”) authorized an additional restructuring plan (the “Restructuring Plan”), which includes a reduction in the Company’s U.S. workforce by approximately 150 employees, or 75% and 19% of the Company’s U.S. and global workforces, respectively. Following the workforce reduction pursuant to the Restructuring Plan, the Company’s global full-time employees (“FTEs”) are expected to be approximately 700 FTEs. The Company anticipates that the remaining U.S. workforce will focus on winding down the Company’s U.S. operations, including through sales of U.S. assets, and assisting with the Company’s strategic shift to the Asia-Pacific region. The Company currently estimates that it will incur one-time charges of approximately $7 million to $8 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs.”

Travere Therapeutics, Inc. announced a restructuring with charges of approximately $12-14 million affecting non-field-based employees (approximate 20% workforce reduction).

“the Company approved a strategic reorganization (the “Strategic Reorganization”). The Strategic Reorganization was approved by the Company on November 30, 2023 and is expected to be completed by the second quarter of 2024. As part of the Strategic Reorganization, the Company is implementing an approximate 20% workforce reduction focused on non-field-based employees. The Company estimates that it will incur aggregate non-recurring charges of approximately $12-14 million in connection with the Strategic Reorganization”

PureCycle Technologies, Inc. announced a restructuring with charges of approximately $1.0 million (22 employees).

“to be able maintain its historical strategic direction. The Company currently expects severance costs, principally in the form of payroll expenses, to total approximately $1.0 million. --- EX-99.1 (EX-99.1) --- PureCycle Appoints Jeff Fieler as Interim CFO Orlando, Florida – December 1, 2023 – PureCycle Technologies, Inc. (Nasdaq: PCT), today, announced”

CLOVER HEALTH INVESTMENTS, CORP. /DE announced a impairment with charges of approximately $6 million.

“the Company expects to record a non-cash impairment charge in the fourth quarter of 2023 of its assets in an estimated amount of approximately $6 million.”

CLOVER HEALTH INVESTMENTS, CORP. /DE announced a restructuring with charges of approximately $8 million to $10 million affecting ACO REACH Program.

“the Company expects to incur total charges related to the exit from the ACO REACH Program of approximately $8 million to $10 million, the majority of which are non-cash in nature as described in Item 2.06 below. These charges also include severance costs and legal costs, some of which may result in future cash expenditures. Exit activities are expected to conclude by the end of 2024.”

Personalis, Inc. announced a restructuring with charges of approximately $4 million (up to 65 employees).

“is expected to be substantially completed by the end of January 2024. In connection with these actions, the Company estimates that it will incur charges of approximately $4 million for severance payments and employee benefits, primarily in the fourth quarter of 2023. Substantially all of the estimated charges are expected to result in future cash”

Post Holdings, Inc. announced a restructuring with charges of pre-tax charges of approximately $49 to $55 million in connection with the transfer of production capabilities to other Company locations and closure of the Fac affecting cereal manufacturing facility in Lancaster, Ohio (approximately 200 employees).

“locations and closure of the Facility is currently expected to be completed by the end of September 2024. The Company currently expects to incur pre-tax charges of approximately $49 to $55 million in connection with the transfer of production capabilities to other Company locations and closure of the Facility. Components of the pre-tax charges include cash”

Generation Bio Co. announced a restructuring with charges of approximately $7 million to $8 million (approximately 40%).

“the Company estimates that it will incur severance-, termination- and retention-related costs of approximately $7 million to $8 million”

TEXTRON INC announced a restructuring with charges of $115 million to $135 million affecting Industrial, Bell and Textron Systems segments (approximately 725 positions).

“of lower demand, which we anticipate will continue. In the fourth quarter of 2023, we expect to incur pre-tax special charges related to this restructuring plan in the range of $115 million to $135 million. We estimate severance and related costs to be in the range of $35 million to $45 million, and asset impairment charges to be in the range of $80 million to $90”

Candel Therapeutics, Inc. announced a restructuring with charges of approximately $0.7 million affecting the Company (approximately 50%).

“On November 26, 2023, the Board of Directors (the “Board”) of Candel Therapeutics, Inc (the "Company") approved a strategic restructuring to focus on continuation and expansion of development of CAN-3110 as well as the enLIGHTEN TM Discovery Platform, and reducing the Company’s workforce by approximately 50%, as well as reducing expenses associated with enabling commercial readiness of CAN-2409, while maintaining and prioritizing key clinical readouts in 2024 (the “Restructuring Plan”). In connection with the Restructuring Plan, the Company estimates that it will incur a one-time restructuring charge of approximately $0.7 million in the fourth quarter of 2023 related to severance and healthcare and related benefits costs.”

Sphere Entertainment Co. announced a impairment with charges of approximately $80 million affecting Sphere venue in Stratford, London.

“In connection with this decision, the Company expects to record a non-cash impairment charge for project costs (primarily related to professional fees) of approximately $80 million in the quarter ending December 31, 2023.”

Origin Materials, Inc. announced a restructuring with charges of approximately $2.7 million affecting global employee headcount (approximately 30% of the Company’s global employee headcount).

“on November 17, 2023, the Company affected an organizational realignment to reflect the deferral of research programs with longer-term economic impacts and the acceleration of higher-margin revenue opportunities, resulting in a workforce reduction. The workforce reduction efforts have impacted approximately 30% of the Company’s global employee headcount. The Company expects the reduction in workforce to be largely completed by November 20, 2023, subject to compliance with statutory notice periods, where applicable. The Company expects to record a restructuring charge related to the workforce reduction of approximately $2.7 million”

OLD MARKET CAPITAL Corp announced a restructuring with charges of between $0.2 million and $0.4 million affecting central business operations hub located in Rock Hill, South Carolina (approximately 63% of its full-time employees).

“the Company determined on November 14, 2023 to reduce the Company's workforce by approximately 63% of its full-time employees and close the Company's central business operations hub located in Rock Hill, South Carolina. The expected total charges associated with the reduction in force and closure of central business operations hub are between $0.2 million and $0.4 million, consisting of cash expenditures between $0.2 million and $0.4 million, and approximately $0.1 million of non-cash impairment charges associated with lease obligations.”

GOODYEAR TIRE & RUBBER CO /OH/ announced a restructuring with charges of between $575 million and $600 million affecting Europe, Middle East and Africa (EMEA) (approximately 1,750 job reductions at Fulda and Fürstenwalde, consisting of 1,500 associates and 250 contracted and temp).

“complete the closure of Fulda by 2025 and closure of Fürstenwalde by the end of 2027. The Company estimates total pre-tax charges associated with these actions to be between $575 million and $600 million, of which $425 million to $450 million is expected to be cash charges primarily for associate-related costs and other exit costs, with the remainder representing”

SkinHealth Systems Inc. announced a restructuring with charges of approximately $5.1 million (reduce its current global workforce by 10%, including 95 employees).

“of claims against the Company. In connection with this workforce reduction, the Company estimates that it will incur charges in the fourth quarter of 2023 of approximately $5.1 million related to notice pay, cash severance payments, and other employee-related separation costs. The Company expects that the majority of these charges will be incurred in the fourth”

3D SYSTEMS CORP announced a restructuring with charges of $4 to $6 million.

“The Company expects to incur cash charges in the range of $4 to $6 million predominantly related to severance costs.”

Movella Holdings Inc. announced a impairment with charges of approximately $35 million to $38 million affecting goodwill and long-lived assets.

“On November 10, 2023, the Company determined that it expects to record a non-cash impairment of its goodwill and long-lived assets of approximately $35 million to $38 million in its third quarter financial statements ended September 30, 2023.”