Palladyne AI Corp. (PDYN): restructuring charge — Sarcos updates restructuring costs: incurred $5.1M, expects $6M more in Q3

Palladyne AI Corp.

Original July 2023 RIF of 71 employees (24% workforce) expected ~$1.5M cash severance.
Incurred charges of $5.1M for H1 2023: $4.4M inventory write-down, $0.7M fixed asset impairment.
Additional restructuring expense of ~$6.0M net in Q3, including $1.5M cash and non-cash stock comp acceleration.
Consolidating Pittsburgh manufacturing into Salt Lake City; COO termination triggers accelerated stock comp.

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

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

Type: restructuring
Charge: Approximately $1.5 million of costs
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 the Company approved a reduction in force affecting approximately 71 employees, representing approximately 24% of the Company’s workforce. As disclosed in the Original Report, the Company expected to incur approximately $1.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits.

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Palladyne AI Corp. filing history →

Source: SEC EDGAR

accession 0000950170-23-038690

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