Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Jorgen Pedersen departed as Chief Operating Officer at Palladyne AI Corp..
- Action
- ceased to be
- Role
- Chief Operating Officer
Exact text from the filing
Jorgen Pedersen ceased to be Chief Operating Officer of the Company and its subsidiaries (the “Company Group”) on July 12, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Kristi Martindale departed as Chief Marketing Officer at Palladyne AI Corp..
- Action
- ceased to be
- Role
- Chief Marketing Officer
Exact text from the filing
Kristi Martindale, ceased to be the Chief Marketing Officer of the Company Group on July 12, 2023.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Palladyne AI Corp. announced a restructuring with charges of approximately $1.5 million (approximately 71 employees, representing approximately 24% of the Company’s workforce).
- Type
- restructuring
- Charge
- approximately $1.5 million
- Headcount
- approximately 71 employees, representing approximately 24% of the Company’s workforce
Exact text from the filing
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.
View on SEC.gov