Restructurings & Charges

Planet Labs PBC announced a restructuring with charges of approximately $7 million to $8 million in aggregate pre-tax costs (approximately 117 employees).

“long-term strategy and path to profitability. As a result of the headcount reduction, the Company currently estimates that it will incur non-recurring charges of approximately $7 million to $8 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”

ContextLogic Inc. announced a restructuring with charges of approximately $8.7 million (approximately 255 employees).

“business prioritization efforts, better align resources, and improve operational efficiencies. The Company estimates that it will incur non-recurring charges of approximately $8.7 million related to WARN Act compliance, severance payments to affected employees globally, and other personnel reduction costs in connection with the RIF Plan. The Company expects that”

Cambium Networks Corp announced a restructuring with charges of approximately $2.0 million in costs, primarily related to one-time termination benefits, contract termination costs, and other associated costs.

“The Company expects to incur approximately $2.0 million in costs, primarily related to one-time termination benefits, contract termination costs, and other associated costs, the majority of which will be incurred in the third quarter of 2023, and expects all costs incurred and cost reductions to be completed by the end of the fourth quarter of 2023.”

WestRock Co announced a restructuring with charges of approximately $345 million affecting Tacoma paper mill (approximately 400 people).

“On August 1, 2023, WestRock Company (the “Company”) announced its plan to permanently cease operating the Company’s paper mill located in Tacoma, Washington, and to conclude production by September 30, 2023, as part of its ongoing efforts to improve return on invested capital and maximize the performance of its assets. The Company expects to incur aggregate charges of approximately $345 million associated with the Tacoma mill closure, consisting of approximately $247 million in asset write-down or related charges, $12 million in severance and other employee costs, and $86 million in other restructuring costs (e.g., mill shutdown, contract termination and facility carrying costs).”

INOVIO PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $2.1 million (58 employees).

“On July 31, 2023, Inovio Pharmaceuticals, Inc. (the “ Company ”) committed to and communicated a corporate reorganization plan, including a reduction in force of 58 employees (the “ Reduction ”), representing approximately 30% of its full-time employees. The Company expects to incur a one-time pre-tax charge of approximately $2.1 million in the third quarter of 2023 related to the Reduction, consisting primarily of one-time severance payments upon termination, continued healthcare benefits for a specific period of time, and outplacement services.”

Chemours Co announced a restructuring with charges of approximately $150 million to $160 million affecting Titanium Technologies segment manufacturing site in Kuan Yin, Taiwan.

“As a result, in the third quarter 2023, the Company expects to record pre-tax asset-related impairment, restructuring, and other charges in the range of approximately $150 million to $160 million, comprised primarily of non-cash charges of approximately $130 million related to property, plant and equipment, inventory and other assets, and cash charges”

Q32 Bio Inc. announced a restructuring with charges of approximately $6.8 million (approximately 80 employees).

“On July 25, 2023, the Board of Directors (the “ Board ”) of Homology Medicines, Inc. (the “ Company ”) approved a reduction in the Company’s current workforce by approximately 80 employees. The decision was based on cost-reduction initiatives intended to reduce the Company’s ongoing operating expenses and maximize shareholder value as the Company plans to pursue strategic options. The reduction in force included Julie Jordan, M.D., the Company’s Chief Medical Officer and Michael Blum, the Company’s Chief Commercial Officer. The Company intends to retain Mr. Blum as a consultant. The Company currently estimates that it will incur approximately $6.8 million in charges in connection with the reduction in force, primarily consisting of severance payments, employee benefits and related costs, including tax costs and excluding noncash expenses associated with share-based awards.”

Mersana Therapeutics, Inc. announced a restructuring with charges of approximately $7-8 million affecting UpRi clinical program and companywide operations (approximately 50% of the Company's current employee base).

“On July 27, 2023, the Company announced decisions to reprioritize its areas of focus and to discontinue its clinical development of upifitamab rilsodotin (“UpRi”) following an evaluation of top-line data from the Company’s UPLIFT Phase 2 clinical trial of UpRi in patients with platinum-resistant ovarian cancer, which did not meet its primary endpoint. In connection with these decisions, on July 26, 2023, the Company’s board of directors approved certain expense reduction measures, including a reduction of approximately 50% of the Company’s current employee base (the “Restructuring”). The Restructuring is expected to be complete by the end of 2023. As a result of the Restructuring, the Company estimates that it will incur approximately $7-8 million in costs resulting from cash expenditures consisting of severance and benefit payments, notice pay, outplacement services and related expenses.”

SUNPOWER CORP announced a restructuring with charges of approximately $4.3 million (approximately 140 employees).

“representing approximately 5% of its labor costs, to exit the Company in the third quarter of 2023. The Company expects to incur restructuring charges totaling approximately $4.3 million, consisting primarily of severance benefits. A substantial portion of such charges are expected to be incurred in the third quarter of fiscal 2023. The actual timing and costs of”

INFINITY PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $3.4 million (21 positions, representing approximately 78% of the Company’s workforce).

“reduction is expected to be completed by the end of the third quarter of 2023. The Company expects to incur a one-time charge in the third quarter of 2023 of approximately $3.4 million in severance and restructuring costs in connection with the workforce reduction. This charge primarily relates to severance payments and employee benefits. The estimates of”

CROWN CASTLE INC. announced a restructuring with charges of approximately $120 million affecting Towers segment and office space (approximately 15%).

“The Plan includes reducing the Company's total employee headcount by approximately 15%, discontinuing installation services as a product offering within the Towers segment while continuing to offer site development services (also referred to as pre-construction services) on Company towers, and consolidating office space. In connection with the Plan, the Company estimates it will incur aggregate restructuring and related charges of approximately $120 million, most of which the Company expects to incur in the third and fourth quarters of 2023.”

FULLER H B CO announced a restructuring with charges of approximately $20 million ($15 million after tax) affecting Beardow Adams Holdings Ltd. acquisition integration ($11 million ($8 million after tax) for severance and related employee costs globally).

“On July 17, 2023, H.B. Fuller Company (the “Company”) approved a restructuring plan (the “Plan”) related to the integration of our acquisition of Beardow Adams Holdings Ltd. The Plan is in addition to the previously disclosed restructuring plan approved on March 27, 2023. In implementing the Plan, the Company currently expects to incur costs of approximately $20 million ($15 million after tax), which includes (i) cash expenditures of approximately $11 million ($8 million after tax) for severance and related employee costs globally and (ii) approximately $9 million ($7 million after tax) of other restructuring costs related to the consolidation and optimization of production facilities, streamlining of processes, accelerated depreciation of long-lived assets and the payment of anticipated income taxes in certain jurisdictions related to the Plan. The Plan will be initiated in the third quarter of fiscal year 2023 and is currently expected to be completed in fiscal year 2026.”

Vintage Wine Estates, Inc. announced a restructuring with charges of $6 million to $7 million (approximately 25 roles, or 4% of the workforce).

“On July 20, 2023, as a result of recent changes in the Company's financial condition, the Company's executive officers, authorized by the Board of Directors (the "Board") to take such action, approved an organizational restructuring plan (the "Plan") to expand margin through simplification and improved execution, measurably reduce costs, improve cash management, monetize assets, reduce debt and grow revenue of its key brands. As part of the Plan, which was finalized on July 17, 2023, there is a reduction in force affecting approximately 25 roles, or 4% of the workforce, which is expected to increase the Company's annualized cost savings to approximately $6 million, including the impact of the actions taken in March 2023 as discussed in the Company's press release dated April 5, 2023.”

Phunware, Inc. announced a restructuring (approximately 32 full-time employees, representing 33% of the Company's workforce).

“On July 14, 2023, Phunware, Inc. (the "Company") commenced a reduction in force affecting approximately 32 full-time employees, representing 33% of the Company's workforce.”

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

“On July 20, 2023, in alignment with its enhanced strategic focus, the Company publicly announced and informed its employees that it was implementing a workforce reduction of approximately 25%. This measure was implemented in support of the Company’s organizational streamlining to focus on the continued advancement and commercialization of its Enzyme-Catalyzed Oligonucleotide (ECO) SynthesisTM platform and its highly complementary Pharmaceutical Manufacturing business. The Company expects the payment of post-employment benefits to impacted employees, as well as the payment of other expenses such as related tax costs, will result in the Company recording an expense of approximately $2.9 million.”

KYNTRA BIO, INC. announced a restructuring with charges of $13-15 million affecting U.S. workforce (approximately 32% (or 104 employees)).

“The Company estimates that it will incur non-recurring charges in the range of $13-15 million in connection with the Plan, primarily consisting of severance payments, notice pay, accrued vacation, and employee benefits contributions.”

AMARIN CORP PLCUK announced a restructuring with charges of approximately $10 million affecting both in the United States and abroad (reduction of the total Amarin employee base by approximately 30% from current levels).

“Officer & Head of Global HR (and principal financial and accounting officer), with an increased base salary amount of $560,000. Amarin estimates that it will incur approximately $10 million in charges related to the ORP, substantially all of which are cash expenditures for one-time termination benefits and associated costs. Amarin expects to record the charges in”

PALVELLA THERAPEUTICS, INC. announced a restructuring with charges of approximately $3.4 million (approximately 70%).

“on July 17, 2023, the Board of Directors of the Company approved a reduction in force of the Company's workforce by approximately 70% to be substantially completed in the fourth quarter of 2023 (the "Workplace Reduction"). As a result of the Workplace Reduction, the Company expects to incur estimated severance and other employee termination-related costs of approximately $3.4 million in the third quarter 2023.”

Butterfly Network, Inc. announced a restructuring with charges of around $5 million in cash charges (a 25% reduction in the Company’s work force).

“On July 11, 2023, Butterfly Network, Inc. (the “Company”) announced a plan approved by the Company’s Board of Directors that is designed to better align the Company’s commercial objectives and prioritization with its existing strengths and offerings. In addition to this strategic realignment, the plan includes a 25% reduction in the Company’s work force and other savings, which will reduce the Company’s cash use by an average of approximately $2 million per month and allow the Company to extend its cash resources. The Company estimates that it will incur around $5 million in cash charges related to employee severance and benefits costs, substantially all of which the Company expects to incur in the third and fourth quarters of 2023.”

MGP INGREDIENTS INC announced a restructuring with charges of approximately $23.0 to $31.0 million affecting Distilling Solutions segment (Atchison Distillery).

“On July 12, 2023, the Board of Directors of MGP Ingredients, Inc. (the “Company”) approved the decision to close the Company’s distillery located in Atchison, Kansas (the “Atchison Distillery”). The anticipated closure date is January 2024. The decision to close the Atchison Distillery is consistent with the Company’s plan to address profitability headwinds associated with its white goods and industrial alcohol products within its Distilling Solutions segment. The Company currently expects to incur one-time aggregate pre-tax charges of approximately $23.0 to $31.0 million in fiscal year 2023 in connection with the closure of the Atchison Distillery.”

METHODE ELECTRONICS INC announced a restructuring with charges of pre-tax cash charges of $0.5 million related to severance costs and non-cash charges of approximately $1.0 million to $3.0 million affecting Dabir Surfaces, Inc..

“On July 5, 2023, Methode Electronics, Inc. (the “Company”) made the decision to initiate the discontinuation of its Dabir Surfaces, Inc. (“Dabir”) business. The Company is executing a wind down process of the Dabir business which is expected to be completed by approximately the end of fiscal 2024 in accordance with contractual and regulatory commitments. The Company communicated this decision to affected employees on July 11, 2023. The Company currently expects to incur pre-tax cash charges of $0.5 million related to severance costs and non-cash charges of approximately $1.0 million to $3.0 million related to asset impairments, with most of these costs expected to be recognized by the end of its second quarter of fiscal 2024.”

Palladyne AI Corp. announced a restructuring with charges of approximately $1.5 million (approximately 71 employees, representing approximately 24% of the Company’s workforce).

“On July 10, 2023, the board of directors of Sarcos Technology and Robotics Corporation (the “Company”) approved a reduction in force affecting approximately 71 employees, representing approximately 24% of the Company’s 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 $1.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits.”

Tectonic Therapeutic, Inc. announced a restructuring with charges of approximately $2.8 million (approximately 50%).

“Reduction will be offered separation benefits, including severance payments. The Company estimates that the severance and termination-related costs will total approximately $2.8 million in the aggregate and expects to primarily record these charges in the third quarter of 2023. The Company expects that payments of these costs will substantially be made through”

PVH CORP. /DE/ announced a restructuring with charges of approximately $50 million affecting global offices.

“The Company announced additional headcount reductions under these plans on July 11, 2023 for which it expects to incur approximately $50 million of severance expense, primarily in the second quarter of 2023.”

Matterport, Inc./DE announced a restructuring with charges of approximately $4 to $5 million (approximately 170 roles, or 30% of its workforce).

“On July 11, 2023, Matterport, Inc. (the “Company”) announced a restructuring plan (the “Plan”) intended to reduce operating costs and continue to accelerate its path to profitable growth. The Plan includes a reduction of approximately 170 roles, or 30% of its workforce. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The Company currently estimates that it will incur charges of approximately $4 to $5 million in connection with the Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, exit charges associated with office space reductions, and related costs.”

SHIFT TECHNOLOGIES, INC. announced a restructuring with charges of approximately $900,000 affecting omnichannel used auto operations and dealer marketplace business (approximately 34%).

“related to the Restructuring Plan and associated workforce reduction. As a result of the Restructuring Plan and associated workforce reduction, we expect to incur approximately $900,000 in non-recurring restructuring charges, consisting primarily of one-time cash severance payments and related costs. The Company has not yet completed its analysis of additional”

Semler Scientific, Inc. announced a restructuring with charges of severance costs in the range of $0.7 million to $0.9 million (approximately 30%).

“On July 11, 2023, Semler announced the approval by its board of directors, or the Board, of a plan to strategically realign Semler’s operations and proactively improve its operating leverage through the implementation of a headcount reduction as well as the curtailment of other operating expenses. Through this plan Semler intends to streamline its activities and redeploy its resources to focus on goals expected to drive near-term value. The strategic plan to streamline operations will reduce Semler’s headcount by approximately 30%. Semler expects to complete its headcount reduction and the implementation of the curtailment on or around September 15, 2023. Semler currently anticipates this will result in the reduction in quarterly operating expenses of approximately $1.5 million to $2.0 million, which are expected to be realized during the fourth quarter ended December 31, 2023. Semler currently estimates that it will incur severance costs in the range of $0.7 million to $0.9 million co”

Payoneer Global Inc. announced a restructuring with charges of approximately $5 million (approximately 9% of the Company’s current total headcount).

“On July 10, 2023, Payoneer Global Inc. (the “Company”) announced a plan to reduce its workforce by approximately 9% of the Company’s current total headcount (the “Plan”). The Company expects that the implementation of the Plan will be substantially completed by the end of the third quarter of 2023. The Plan is expected to enhance productivity and efficiency and streamline the Company’s organizational structure to better align operations with its growth objectives. The Company intends to reinvest some savings from the Plan into future growth initiatives, and to continue hiring for roles essential to those initiatives in areas such as research and development. Decisions regarding the elimination of positions are subject to local law in the various jurisdictions in which the Company employs its teams. The Company estimates that it will incur charges of approximately $5 million in connection with the Plan, which are expected to be incurred in the third quarter of 2023.”

Latch, Inc. announced a restructuring with charges of approximately $5.3 million to $5.8 million of total cash restructuring and related charges (approximately 82 employees, or approximately 59% of the Company’s current full-time employees).

“On July 10, 2023, Latch, Inc. (the “Company”) announced that it had commenced a reduction in force authorized by the Company’s board of directors (the “Board”) on July 7, 2023 to streamline its business operations, reduce costs and complexities in the business and create further operating efficiencies. The reduction in force, which the Company commenced on July 10, 2023 and expects to complete by the fourth quarter of 2023, impacts approximately 82 employees, or approximately 59% of the Company’s current full-time employees. The Company estimates that it will incur approximately $5.3 million to $5.8 million of total cash restructuring and related charges, primarily related to severance and benefit costs (excluding the impact of stock-based compensation), substantially all of which is expected to be incurred in the third and fourth quarters of 2023.”

Tattooed Chef, Inc. announced a restructuring affecting California and New Mexico facilities.

“On June 29, 2023, the Company Parties issued a Worker Adjustment and Retraining Notification Act (the “WARN Act”) notice to the employees of its California and New Mexico facilities of the intent to wind down operations at those facilities in connection with the Chapter 11 Cases.”

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

“On June 30, 2023, EverQuote, Inc. (the “Company”) committed to exiting its health insurance vertical and implemented a workforce reduction plan (the “Reduction Plan”) as part of the structural reduction in non-marketing operating expenses (excluding non-cash items) of over 15% that the Company announced on June 16, 2023. The Company estimates that it will incur one-time termination benefits and other associated costs of approximately $2.0 million to $3.0 million in connection with the Reduction Plan.”

Bellerophon Therapeutics, Inc. announced a restructuring with charges of approximately $2 million (substantially all of the Company’s employees).

“including severance payments along with temporary healthcare coverage assistance. The Company estimates that the severance and termination-related costs will be approximately $2 million and expects to record these costs in the second quarter of 2023. The Company’s estimate of costs and the expected timing for recording and paying those costs are subject to a”

DermTech, Inc. announced a restructuring with charges of approximately $2 million affecting sales, marketing and G&A functions (approximately 40 employees, or approximately 15%).

“approximately 40 employees, or approximately 15%, and will extend the Company’s cash runway. The Company estimates that it will incur aggregate pre-tax charges of approximately $2 million in connection with the Reduction in Force, primarily consisting of severance payments, employee benefits, outplacement services and related costs. The Company expects that the”

1stdibs.com, Inc. announced a restructuring with charges of approximately $1.9 million - $2.2 million (approximately 20% of the Company’s current global workforce).

“On June 28, 2023, 1stdibs.com, Inc. (the “Company”) announced a workforce reduction designed to reduce operating costs and realign investment priorities. This reduction is expected to represent approximately 20% of the Company’s current global workforce. As a result of the reduction, the Company estimates that it will incur approximately $1.9 million - $2.2 million in non-recurring restructuring charges, consisting primarily of employee severance and benefits costs.”

Transocean Ltd. announced a impairment with charges of approximately $60 million.

“the Company expects its second quarter 2023 results to include an estimated non-cash charge of approximately $60 million associated with the impairment of such assets.”

ON24 INC. announced a restructuring with charges of $1.7 million to $2.0 million.

“On June 22, 2023, in an effort to streamline its organization, ON24, Inc. (the “ Company ”) committed to a restructuring plan to reduce expenses (the “ Plan ”). In connection with the Plan, the Company currently estimates it will incur a charge of between approximately $1.7 million to $2.0 million by the end of the second quarter of 2023, which consists primarily of cash severance, employee benefit, and related costs for the reduction in force.”

Childrens Place, Inc. announced a restructuring with charges of $13 million to $15 million affecting corporate offices in Secaucus, New Jersey; other domestic and international locations (17% reduction in the number of its salaried workforce, representing 181 positions).

“escalations in occupancy costs and did not expire until 2029. As a result of these strategic actions, the Company expects to incur a non-operating charge in the range of $13 million to $15 million, consisting of the previously announced $4 million lease termination payment, in addition to employee severance and benefit costs associated with the workforce”

Eargo, Inc. announced a restructuring with charges of approximately $5.0–$7.0 million (approximately 90–120 employees, or approximately 32–42% of the Company’s workforce).

“The plan is expected to impact approximately 90–120 employees, or approximately 32–42% of the Company’s workforce. The Company estimates that it will incur non-recurring charges of approximately $5.0–$7.0 million in connection with the plan, primarily consisting of one-time employee termination costs such as severance payments, notice pay, employee benefits contribution and related costs, as well as the potential impairment of certain intangible and other assets.”

NEW RELIC, INC. announced a restructuring with charges of approximately $18 million to $22 million (a total of up to 255 employees globally).

“currently expects to end fiscal year 2024 at approximately the same headcount as of the end of fiscal year 2023. The Company expects to incur aggregate charges of approximately $18 million to $22 million in connection with the restructuring plan, consisting primarily of employment termination and other one-time expenses. The Company expects approximately 75% of”

ILLUMINA, INC. announced a restructuring with charges of approximately $25 - $35 million (headcount reduction).

“Company has committed to reduce its annualized run rate expenses by more than $100 million in 2023. The Company estimates that it will incur aggregate charges of approximately $25 - $35 million in connection with the reduction in force commenced on June 21, 2023, and additional reductions this year. The Company expects that the majority of these charges”

INTERCEPT PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less tha affecting the Company (workforce reduction of approximately one third).

“continue to develop innovative new medicines. The Restructuring Plan will result in a workforce reduction of approximately one third. The Company expects to incur approximately $16 million in restructuring costs, including approximately $15 million in cash severance pay and related personnel termination costs and less than $1 million in non-cash stock-based”

Ouster, Inc. announced a restructuring with charges of approximately $7.5 million - $9.0 million of aggregate charges (a reduction in force).

“On June 22, 2023, Ouster, Inc. (the "Company" or "Ouster") announced a series of cost cutting measures, including a reduction in force (collectively, the "Restructuring Initiatives"). The Restructuring Initiatives are expected to result in a range of approximately $7.5 million - $9.0 million of aggregate charges, which are anticipated to include $3.0 million - $3.5 million of one-time cash termination benefits and approximately $4.5 million - $5.5 million of non-cash stock-based compensation charge related to the vesting of share-based awards for employees who are terminated.”

SONIC AUTOMOTIVE INC announced a restructuring with charges of ranging from $60.0 million to $80.0 million affecting EchoPark.

“Sonic expects to record an impairment charge ranging from $60.0 million to $80.0 million in the second quarter of 2023.”

OLIN Corp announced a restructuring with charges of approximately $12 million of restructuring charges affecting epoxy resin business; Gumi, South Korea facility; Freeport, Texas facility; sales and support staffing across Asia (reduce its sales and support staffing across Asia).

“In the second quarter of 2023, Olin expects to incur approximately $12 million of restructuring charges under this action plan, of which approximately $6 million of these restructuring charges represent non-cash asset impairment of equipment and facility.”

SURGALIGN HOLDINGS, INC. announced a restructuring with charges of one-time charge of approximately $242,000 in the second quarter of 2023 related to the reduction in workforce affecting workforce reduction (termination of approximately 25 employees).

“on June 16, 2023, Surgalign Holdings, Inc. (the “Company, authorized a reduction in workforce which will result in the termination of approximately 25 employees, effective June 16, 2023.”

META MATERIALS INC. announced a impairment with charges of approximately $282 million affecting goodwill.

“we expect to incur non-cash impairment charges related to our current carrying value of goodwill of approximately $282 million during the second quarter ending June 30, 2023.”

META MATERIALS INC. announced a restructuring with charges of between $1.9 million and $3.2 million affecting corporate structure; realignment of Holography Technology and Wireless Sensing and Radio Wave Imaging Technology.

“and consolidation charges, not factoring in potential losses arising from the impairment of goodwill and long-term assets as described below, are expected to be between $1.9 million and $3.2 million and are expected to be spread across the fiscal year concluding on December 31, 2023. We expect the realignment and consolidation plan will reduce our operating”

Surface Oncology, Inc. announced a restructuring with charges of reduction in force as part of its cost savings efforts that is expected to result in the termination of approximately 50% of the Company’s remaining workforce affecting approximately 50% of the Company’s remaining workforce (approximately 50% of the Company’s remaining workforce).

“Concurrent with the signing of the Merger Agreement, the Company announced a reduction in force as part of its cost savings efforts that is expected to result in the termination of approximately 50% of the Company’s remaining workforce (the “ June Reduction in Force ”).”

Olo Inc. announced a restructuring with charges of approximately $7.5 million to $10.0 million (approximately 11%).

“Olo estimates that it will incur charges of approximately $7.5 million to $10.0 million in connection with the reduction of its workforce, which is expected to be incurred in the second quarter of fiscal year 2023.”

TrueCar, Inc. announced a restructuring with charges of approximately $7 million affecting organization (approximately 24% of organization’s headcount).

“On June 14, 2023, TrueCar, Inc. (the “Company”) committed to a restructuring plan (the “Plan”) in furtherance of its efforts designed to enhance productivity and efficiency, preserve profitability and streamline its organizational structure to better align operations with its long-term commitment to providing an enhanced consumer experience. As part of the Plan, the Company will realign its leadership structure and eliminate approximately 24% of organization’s headcount, which it expects will reduce expenses related to headcount (excluding stock-based compensation) by over $20 million on an annualized basis. The Company estimates that it will incur restructuring charges (excluding stock-based compensation) of approximately $7 million primarily in the second and third quarter of 2023 in connection with the implementation of the Plan, primarily in the form of cash expenditures for one-time employee benefits and severance payments, and expects execution of the Plan to be substantially com”