GreenLight Biosciences Holdings, PBC: restructuring charge — GreenLight Biosciences cuts 51% of workforce, expects $6-8M restructuring charge

GreenLight Biosciences Holdings, PBC

Board authorized restructuring plan to extend cash runway; workforce reduced by approximately 51%.
Pre-tax restructuring charge of $6 to $8 million expected in Q2 2023, primarily cash expenditures.
Actions substantially complete by Q3 2023, subject to local law requirements.
Reduction targets employees supporting programs without anticipated short-term value creation.

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

GreenLight Biosciences Holdings, PBC announced a restructuring with charges of approximately $6 to $8 million (approximately 51%).

Type: restructuring
Charge: approximately $6 to $8 million
Headcount: approximately 51%

Exact text from the filing

As a result of the Plan, the Company expects to incur a pre-tax restructuring charge in the second quarter of 2023 of approximately $6 to $8 million, consisting primarily of cash expenditures which are expected to consist of employee severance payments, employee transition, other restructuring related costs and expenses, and impacted contract commitments.

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Source: SEC EDGAR

accession 0000950170-23-025357

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