Apexigen, Inc.: restructuring charge — Apexigen cuts workforce 55%, engages Ladenburg Thalmann to explore strategic alternatives

Apexigen, Inc.

Workforce reduction of 55% (up to 11 of 20 employees) approved Feb 23, 2023; six positions eliminated by end of Feb, five by end of Apr.
Estimated costs: $1.1M in termination costs (Q1/Q2 2023) and $0.6M in retention costs (Q2/Q3 2023).
President/COO Francis Sarena and CFO William Duke each receive $150K cash and 150K RSUs as retention awards.
Engaged Ladenburg Thalmann as strategic advisor to evaluate sale, merger, divestiture, licensing, or other transactions.
No assurance of any transaction; company will not disclose developments until definitive agreement or otherwise determined.

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

Apexigen, Inc. announced a restructuring with charges of approximately (i) $1.1 million in employee termination costs primarily related to severance costs, which are expected to be incurred in the first and second qua (55% of its workforce).

Type: restructuring
Charge: approximately (i) $1.1 million in employee termination costs primarily related to severance costs, which are expected to be incurred in the first and second qua
Headcount: 55% of its workforce

Exact text from the filing

earlier termination, subject to certain exceptions. The total costs related to the Company’s cost-cutting measures and retention plan are estimated to be approximately (i) $1.1 million in employee termination costs primarily related to severance costs, which are expected to be incurred in the first and second quarters of 2023, and (ii) $0.6 million in employee

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Source: SEC EDGAR

accession 0000950170-23-004671

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