Restructurings & Charges

TransUnion announced a restructuring with charges of $355 to $375 million affecting global workforce (approximately 10% of the Company’s global workforce).

“data management, identity resolution, analytics and delivery platform, branded OneTru TM . We expect to recognize one-time pre-tax expenses associated with the Plan of $355 to $375 million from the fourth quarter 2023 through the end of 2025, with the majority of costs to be incurred by the end of 2024. We anticipate that pre-tax expenses will”

CONTRAFECT Corp announced a restructuring with charges of approximately $0.2 million of costs in connection with the Restructuring Plan related to one-time termination and other related costs affecting workforce (reduction to the Company's workforce from a total of 23 employees to five employees).

“On November 15, 2023, ContraFect Corporation (the “Company”) implemented a restructuring plan resulting in a reduction to the Company’s workforce from a total of 23 employees to five employees (the “Restructuring Plan”). The Company estimates that it will incur approximately $0.2 million of costs in connection with the Restructuring Plan related to one-time termination and other related costs, all of which are expected to be paid in cash. The Company expects all of the costs associated with the Restructuring Plan to be incurred during the quarter ending December 31, 2023.”

Palladyne AI Corp. announced a impairment with charges of $5.7 million affecting inventory and other current assets.

“The Company has incurred impairment charges of $5.7 million during the three months ended September 30, 2023 in connection with the streamlining of the organization and business, including $5.2 million due to the write-down of inventory and $0.5 million related to the impairment of other current assets.”

Palladyne AI Corp. announced a restructuring with charges of $22 million to $24 million affecting restructuring including accelerated amortization of intangible and other assets.

“The Company anticipates incurring additional charges related to the restructuring in the range of approximately $22 million to $24 million during the fourth quarter of 2023 and the first quarter of 2024, which includes the $4 million in salaries, wages, severance and benefit payments noted above. The remainder will be non-cash expenses related to expected accelerated amortization of intangible and other assets due to the strategic shift initiated during the fourth quarter.”

Palladyne AI Corp. announced a restructuring with charges of up to approximately $4 million affecting workforce reduction (approximately 150 employees, representing approximately 70% of the Company’s workforce).

“On November 10, 2023, the Company’s board of directors (the “Board”) determined to pivot the Company’s business to focus on its artificial intelligence/machine learning software platform. In connection with this change in business strategy, the Company will carry out a reduction in force affecting approximately 150 employees, representing approximately 70% of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur up to approximately $4 million of costs”

Theseus Pharmaceuticals, Inc. announced a restructuring with charges of $5.5 million (26 full-time employees, or approximately 72% of the Company’s then-current employee base).

“employee’s entering into an effective separation agreement, which includes a general release of claims against the Company. The reduction of workforce is expected to result in $5.5 million in severance costs. The incremental costs are expected to be incurred in the fourth quarter of 2023. --- EX-99.1 (EX-99.1) --- Theseus Pharmaceuticals Announces Process to”

ILLUMINA, INC. announced a impairment with charges of approximately $54 million affecting i3 campus in San Diego, California.

“the Company incurred right-of-use asset and leasehold improvement impairment charges of approximately $54 million in 2023 related to the exit of its i3 campus in San Diego, California.”

Corteva, Inc. announced a restructuring with charges of $410 million to $460 million affecting Crop Protection network of manufacturing and external partners.

“The plan includes the exit of the Company’s production activities at its site in Pittsburg, California, as well as ceasing operations in select manufacturing lines at other locations. The Company expects to record aggregate pre-tax restructuring and asset related charges of $410 million to $460 million”

Virgin Galactic Holdings, Inc announced a restructuring with charges of approximately $5 million (approximately 185 employees, constituting approximately 18% of the Company’s workforce).

“The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $5 million, primarily related to employee severance payments, benefits and related termination costs.”

Commerce.com, Inc. announced a restructuring with charges of approximately $5.5 million in connection with the 2023 Restructuring Plan, which primarily related to severance payments, employee benefits and related costs affecting workforce (reduce the Company's current workforce by approximately 7 percent).

“On September 30, 2023, the Company committed to a plan to reduce the Company's current workforce by approximately 7 percent (the “ 2023 Restructuring Plan ”). Affected employees were notified on November 8, 2023, and are being provided with severance arrangements. The decision was based on cost-reduction initiatives intended to better position the Company for continued profitable growth heading into 2024. The Company recorded an expense of approximately $5.5 million in connection with the 2023 Restructuring Plan, which primarily related to severance payments, employee benefits and related costs.”

Acutus Medical, Inc. announced a restructuring with charges of $21 million to $32 million affecting mapping and ablation businesses (approximately 160 employees).

“The Company estimates it will incur approximately $21 million to $32 million of pre-tax restructuring and exit-related charges, of which $2 million to $3 million represents future cash expenditures for the payment of severance and related benefit costs, $3 million to $4 million represents future cash expenditures for the payment of retention bonuses to certain employees that will assist with the Restructuring, $2 million to $5 million represents future cash expenditures for other restructuring costs, and approximately $14 million to $20 million represents non-cash pre-tax impairment charges in connection with the disposition of certain assets, including inventory, fixed assets and intangibles.”

Sleep Number Corp announced a restructuring with charges of up to $20 million of one-time costs, with an estimated $10 million of the costs being recorded in the fourth quarter of 2023 affecting all areas of the organization, including in corporate and research and development functions (approximately 10% or 500 team members across all areas of the organization).

“On November 6, 2023, in light of the demand trajectory change in August, the Company initiated business restructuring actions which are expected to reduce 2024 operating expenses by approximately $50 million and accelerate gross margin initiatives, in addition to the approximate $80 million of operating expense reductions expected to be realized in 2023. These actions are broad-based and include a headcount reduction of approximately 10% or 500 team members across all areas of the organization, including in corporate and research and development functions. These actions also include a rationalization of the store portfolio with a planned closure of 40 to 50 stores by the end of 2024, a slower rate of new store openings and remodels, and a reduction of the Company's 2024 capital expenditures. Gross margin improvement actions include value engineering and cost optimization strategies, including driving additional efficiencies through the Company's manufacturing and home delivery network.”

Nextdoor Holdings, Inc. announced a restructuring with charges of approximately $12 million (approximately 25% of the Company’s full-time employees).

“The Company currently estimates that it will incur one-time charges of approximately $12 million in connection with the Cost Reduction Plan, consisting primarily of cash expenditures for notice period and severance payments, employee benefits, and related costs.”

Phunware, Inc. announced a restructuring with charges of between $0.2 million and $0.4 million affecting PC manufacturing assembly business, Lyte Technology.

“the Company estimates that it will incur cash costs related to the wind down of between $0.2 million and $0.4 million.”

EverQuote, Inc. announced a impairment with charges of loss on sale of assets of $19.4 million affecting health insurance vertical.

“Accordingly, the Company has now recognized a loss on sale of assets of $19.4 million, which amount is included in restructuring and other charges, for the three and nine months ended September 30, 2023.”

EverQuote, Inc. announced a restructuring with charges of approximately $2.0 million to $3.0 million affecting health insurance vertical.

“The Company previously estimated that it would incur one-time termination benefits and other associated costs of approximately $2.0 million to $3.0 million in connection with the Reduction Plan”

CNH Industrial N.V. announced a restructuring with charges of up to $200 million affecting Company-wide (approximately 5% of the Company's salaried workforce cost).

“the Company estimates that it will incur pre-tax restructuring and related charges of up to $200 million primarily related to employee severance and benefits cost to be incurred in the fourth quarter of 2023 and the first six months of 2024.”

AEye, Inc. announced a restructuring with charges of in the range of $4.5 million to $6.5 million affecting industrial market (approximately 29 full-time and part-time employees).

“automotive products, while reducing fixed operating costs. The Company expects to record a one-time, pre-tax, non-cash inventory write-down and asset impairment in the range of $4.5 million to $6.5 million, principally consisting of inventory related to the industrial market as it focuses on scaling its automotive business, and a cash charge in the range of $2.0 to”

Oportun Financial Corp announced a restructuring with charges of approximately $7 to $8 million (185 employees, representing approximately 18% of the Company's corporate staff, which excludes retail and contact center).

“On November 6 , 2023, the Company announced that it is taking a series of personnel and other cost saving measures to reduce expenses and streamline efficiency. These measures include a headcount reduction of 185 employees, representing approximately 18% of the Company's corporate staff, which excludes retail and contact center agents. The Company also announced additional measures to reduce its expenditures on external contractors and vendors. In relation to these and other personnel related activities, management expects to incur non-recurring, pre-tax charges of approximately $7 to $8 million in the fourth quarter of 2023 , consisting primarily of severance payments, employee benefits contributions and related costs associated with the Company's headcount reduction.”

CODEXIS, INC. announced a impairment with charges of approximately $9.2 million affecting San Carlos Facility.

“approximately $9.2 million related to the impairment and write-down of assets related to the San Carlos Facility”

CODEXIS, INC. announced a impairment with charges of approximately $0.8 million affecting Biotherapeutics.

“the Company recorded one-time, non-cash charges, including approximately $0.8 million related to goodwill impairment from the decision to discontinue investment in its Biotherapeutics programs”

CODEXIS, INC. announced a restructuring with charges of approximately $2.9 million affecting the Company (approximately 25%).

“the Company expected to record an expense of approximately $2.9 million in connection with the payment of post-employment benefits to employees impacted by the workforce reduction, as well as the payment of other expenses such as related tax costs”

SEALED AIR CORP/DE announced a restructuring with charges of $140 to $160 million ($90 to $95 million in headcount related costs).

“The Company expects to incur total cash costs in the range of approximately $140 to $160 million, which is subject to future changes, in connection with the initiatives associated with the CTO2Grow Program.”

OMNICELL, INC. announced a restructuring with charges of approximately $12 - $18 million affecting a majority of its functions (more than 230 employees, representing approximately 7% of the Company’s workforce).

“by more than 230 employees, representing approximately 7% of the Company’s workforce . In connection with the 2023 Plan, the Company estimates that it will incur approximately $12 - $18 million of nonrecurring restructuring and related charges. The estimated nonrecurring restructuring and related charges consist of (i) approximately $9 - $12 million of”

VIASAT INC announced a restructuring with charges of approximately $45 million (approximately 800 roles, or approximately 10% of its global workforce).

“On November 2, 2023, Viasat, Inc. (“Viasat”) announced that it reached an important milestone in its integration program following its acquisition of Inmarsat. As part of its ongoing strategy to streamline operations and better serve its growing customer base, Viasat has completed a rationalization of roles in its global business, which is intended to achieve both operational and cost efficiencies. As part of the role rationalization, Viasat will reduce its global workforce by approximately 800 roles, or approximately 10% of its global workforce. Viasat expects to incur charges associated with the workforce reduction of approximately $45 million, primarily related to employee severance payments, benefits and related termination costs.”

Motorsport Games Inc. announced a restructuring with charges of $0.4 to $0.5 million affecting Australia and the United Kingdom (approximately 38 employees).

“on October 29, 2023, the Company determined to implement additional measures to continue to bring down its year-over-year operating expense through a reduction of the Company’s workforce primarily in Australia and the United Kingdom by approximately 38 employees. The workforce reduction is expected to impact approximately 40% of the Company’s employees worldwide. The Company expects to record a restructuring charge related to the workforce reduction, primarily consisting of severance and redundancy costs, in a preliminary estimated range of $0.4 to $0.5 million.”

Kronos Bio, Inc. announced a restructuring with charges of approximately $1.8 million associated with cash severance payments and up to approximately $0.3 million in charges associated with cash payments for COBRA reimb (approximately 19% reduction of its workforce).

“On October 30, 2023, the Board of Directors of Kronos Bio, Inc. (the “Company”) approved an approximately 19% reduction of its workforce as part of a strategic resource allocation, restructuring and cost containment plan. The workforce reduction is expected to be completed on November 2, 2023. In connection with the reduction in workforce, the Company expects to incur charges of approximately $1.8 million associated with cash severance payments in the fourth quarter of 2023, and up to approximately $0.3 million in charges associated with cash payments for COBRA reimbursement over as much as the next six months.”

Cambium Networks Corp announced a restructuring with charges of approximately $1.5-$2.5 million.

“The Company expects to incur an additional approximately $1.5-$2.5 million in costs, primarily related to one-time termination benefits, which is expected to be substantially complete and costs incurred by the end of the second quarter of 2024, with all costs incurred expected by the end of 2024.”

BEYOND MEAT, INC. announced a restructuring with charges of approximately $2.0 million to $2.5 million (approximately 65 employees, representing approximately 19% of the Company’s global non-production workforce (or approxim).

“On November 1, 2023, the Board of Directors of the Company approved a plan to reduce the Company’s current workforce by approximately 65 employees, representing approximately 19% of the Company’s global non-production workforce (or approximately 8% of the Company’s total global workforce). 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 $2.0 million to $2.5 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits and related costs.”

NexImmune, Inc. announced a restructuring affecting the Company (liquidation and wind up) (substantially all of the Company’s employees).

“On October 31, 2023, the Board also 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.”

Rani Therapeutics Holdings, Inc. announced a restructuring with charges of approximately $0.3 million (reduction of the Company’s workforce by approximately 25%).

“On November 1, 2023, the Company committed to the Restructuring, which is a plan for strategic prioritization of its programs, expansion of its manufacturing and streamlining of its business operations to support potential near-term value drivers and long-term growth. The Restructuring provides for a reduction of the Company’s workforce by approximately 25%. As a result of the Restructuring, the Company estimates that it will incur approximately $0.3 million in costs of which nearly all are cash expenditures related to severance.”

Ingevity Corp announced a restructuring with charges of approximately $280 million affecting Performance Chemicals segment; DeRidder, Louisiana manufacturing plant.

“the Board of Directors approved the permanent closure of the Company’s Performance Chemicals manufacturing plant located in DeRidder, Louisiana (the “DeRidder Plant”), as well as additional corporate and business cost reduction actions. The Company expects to close the DeRidder Plant by the end of the first half of 2024. The Company expects to incur aggregate charges of approximately $280 million associated with these actions, consisting of approximately $180 million in asset-related charges, approximately $15 million in severance and other employee costs, and approximately $85 million in other restructuring costs including decommissioning, dismantling and removal charges, and contract termination costs.”

Atara Biotherapeutics, Inc. announced a restructuring with charges of approximately $7.0 million in total for severance and related benefits (approximately 30% of its current employees).

“On November 1, 2023, the Company announced a reduction in its workforce that will impact approximately 30% of its current employees. The Company expects to substantially complete the workforce reduction by December 31, 2023. The Company expects to recognize approximately $7.0 million in total for severance and related benefits for employees laid off under the reduction in force.”

SPLUNK INC announced a restructuring with charges of approximately $42 million affecting global workforce, mostly in the U.S. (approximately 7% percent of the Company’s global workforce).

“On October 31, 2023, Splunk Inc. (the “Company”) initiated a plan of reorganization (the “Plan”) involving approximately 7% percent of the Company’s global workforce, mostly in the U.S. The Company estimates that it will incur approximately $42 million in charges”

8X8 INC /DE/ announced a impairment with charges of between $9.0 million to $10.0 million affecting Company’s headquarters at 675 Creekside Way, Campbell, CA.

“for sublease. The Company intends to cease use of the space on November 1, 2023 and currently estimates it will incur total non-cash lease impairment charges of between $9.0 million to $10.0 million in the quarter ending December 31, 2023. The amounts will be recorded as an impairment of operating lease, right-of-use assets, and may vary in amount and timing”

NU SKIN ENTERPRISES, INC. announced a restructuring with charges of $15–$25 million in severance charges (workforce reductions).

“On October 27, 2023, the Company adopted a strategic plan to focus resources on the Company’s global priorities and optimize future growth and profitability (the “global program”). The global program includes workforce reductions. The Company estimates total charges for the fourth quarter of 2023 under the global program will approximate $15–$25 million in severance charges, which will be paid in cash.”

Celanese Corp announced a restructuring with charges of approximately $110-125 million affecting Polyamide 66 (PA66 or Nylon 66) and High-Performance Nylon (HPN) polymerization units at its facility in Uentrop, Germany.

“process, to be completed in 2024. As a result of this intended closure, the Company expects to record expenses, excluding employee termination costs, of approximately $110-125 million, consisting primarily of approximately $75-85 million of non-cash accelerated depreciation of fixed asset costs and approximately $35-40 million of other”

Trinseo PLC announced a restructuring with charges of $58 million to $68 million affecting Terneuzen, the Netherlands styrene plant.

“plant, decommission the styrene plant assets, as well as related workforce reductions. These additional actions are expected to result in estimated restructuring charges of $58 million to $68 million, consisting of approximately $19 million to $21 million of asset-related charges, primarily for accelerated depreciation; approximately $20 million to $23 million”

INDEPENDENCE REALTY TRUST, INC. announced a impairment with charges of ranging between $32 and $38 million affecting six other Targeted Sales Properties.

“we expect to incur impairment charges for certain of these properties in the fourth quarter 2023 ranging between $32 and $38 million, in aggregate”

INDEPENDENCE REALTY TRUST, INC. announced a impairment with charges of between $23 and $25 million affecting three other Targeted Sales Properties.

“we will be required, under GAAP, to record an impairment charge in the fourth quarter 2023 for three other Targeted Sales Properties and currently estimate the amount of the impairment charge to be between $23 and $25 million, in aggregate”

INDEPENDENCE REALTY TRUST, INC. announced a impairment with charges of $11.3 million affecting property in Chicago, Illinois held for sale as of September 30, 2023.

“we have recorded an impairment charge for the third quarter 2023 of $11.3 million related to our property in Chicago, Illinois that was held for sale as of September 30, 2023”

KORN FERRY announced a restructuring with charges of an estimated pre-tax charge of approximately $55 million to $65 million, consisting of severance and related employee benefit payments affecting approximately eight percent of the Company’s employees (approximately eight percent of the Company’s employees).

“is expected to reduce the Company’s annualized cost base by approximately $110 million to $120 million and is expected to result in an estimated pre-tax charge of approximately $55 million to $65 million, consisting of severance and related employee benefit payments. These charges are expected to include approximately $40 million to $45 million of cash”

FOSTER L B CO announced a restructuring with charges of $4.5 to $4.8 million affecting Steel Products and Measurement operating segment.

“Total costs associated with the product line exit are now expected to range between $4.5 to $4.8 million, up from $2.6 to $2.9 million in the Original Filing.”

Hippo Holdings Inc. announced a restructuring with charges of approximately $2.2 million to $2.7 million (up to approximately 120 employees, which represents approximately 20% of the Company’s worldwide workforce).

“employees on October 26, 2023, with most job eliminations effective on November 1, 2023. In the fourth quarter of 2023, the Company expects to record charges of approximately $2.2 million to $2.7 million for severance, benefits, and related costs as a result of these actions, materially all of which is expected to result in cash expenditures in the same period.”

ACCURAY INC announced a restructuring with charges of approximately $2.5 million (reduction of its global workforce ... elimination of approximately 5.9 percent of the Company’s global workforce).

“On September 13, 2023, in accordance with its margin expansion plan, Accuray Incorporated (the “Company”) committed to a cost savings initiative designed to reduce operating costs through the reduction of its global workforce. On October 25, 2023, the Company informed affected employees of such cost savings initiative, which resulted in the elimination of approximately 5.9 percent of the Company’s global workforce. The Company expects to substantially complete the cost savings initiative in the second quarter of fiscal 2024. The Company estimates the total cost of this initiative to be approximately $2.5 million, which is expected to be recorded in the second quarter of fiscal 2024.”

VALMONT INDUSTRIES INC announced a impairment with charges of $141 million affecting Agricultural Technology reporting unit of the company’s Agriculture segment.

“On October 23, 2023, in connection with its annual testing of goodwill and impairments Valmont concluded under generally accepted accounting principles to recognize impairment charges of $141 million, which is reflected in the company’s reporting for the third quarter of 2023. The non-cash charges primarily relate to the Agricultural Technology reporting unit of the company’s Agriculture segment due to significantly slower than expected adoption of agronomy technology solutions as well as the recent decline in the North American agricultural market.”

VALMONT INDUSTRIES INC announced a restructuring with charges of $33 million to $36 million affecting the company (approximately 360 administrative employees (or approximately 3% of its total workforce and 8% of its administrative work).

“On October 23, 2023, the board of directors of Valmont authorized an organizational realignment program across the company to streamline segment support and reduce cost. The program, expected to be completed by the end of 2023, provides for a reduction in force, which with a voluntary early retirement program, will reduce this company’s workforce by approximately 360 administrative employees (or approximately 3% of its total workforce and 8% of its administrative workforce). The company expects to incur cash charges primarily in the fourth quarter of 2023 in the range of $33 million to $36 million.”

3D SYSTEMS CORP announced a restructuring affecting all functions across the company (rationalize headcount).

“On October 25, 2023, the Company announced the next phase of its multi-faceted restructuring initiative designed to improve operating efficiencies throughout the organization and drive long-term value creation.”

BRAINSTORM CELL THERAPEUTICS INC. announced a restructuring with charges of approximately $450,000-$900,000 (approximately 30%).

“In connection with the RIF, the Company currently estimates it will incur a range of costs and expenses of approximately $450,000-$900,000, consisting primarily of cash severance costs and one-time termination benefits.”

Eightco Holdings Inc. announced a restructuring with charges of approximately $0.3 million affecting all areas of the organization (6 employees).

“or a portion, of their compensation until further notice. As a result of this reduction in force, the Company estimates that it will record a one-time charge of approximately $0.3 million in the fourth quarter of 2023. The charge that the Company expects to incur in connection with the reduction in force is subject to a number of assumptions, and actual”