ACCURAY INC (ARAY): restructuring charge — Accuray to cut ~4.5% of global workforce, expects $2.0M restructuring charge in Q2 FY2023

ACCURAY INC

Workforce reduction of approximately 4.5% of global employees announced December 1, 2022.
Total estimated cost of initiative is ~$2.0 million, to be recorded in Q2 fiscal year 2023.
Company expects to substantially complete the cost saving initiative in the second quarter of fiscal 2023.
Initiative aims to reduce operating costs; no specific savings target disclosed.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ACCURAY INC announced a restructuring with charges of approximately $2.0 million (approximately 4.5 percent of its global workforce).

Type: restructuring
Charge: approximately $2.0 million
Headcount: approximately 4.5 percent of its global workforce

Exact text from the filing

On December 1, 2022, Accuray Incorporated (the “Company”) informed affected employees of a cost saving initiative designed to reduce operating costs through the elimination of approximately 4.5 percent of its global workforce. The Company expects to substantially complete the cost saving initiative in the second quarter of fiscal 2023. The Company estimates the total cost of this initiative to be approximately $2.0 million, which is expected to be recorded in the second quarter of fiscal 2023.

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Source: SEC EDGAR

accession 0000950170-22-025954

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