secwatch.observer — SEC 8-K summary
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Issuer:     Palladyne AI Corp. (PDYN)
CIK:        0001826681
Form:       8-K/A
Filed at:   2023-08-07T23:59:59+00:00
Accession:  0000950170-23-038690
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.05
LLM model:  deepseek-v4-flash:cloud@v2

Sarcos updates restructuring costs: incurred $5.1M, expects $6M more in Q3
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1826681/000095017023038690/0000950170-23-038690-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1826681/000095017023038690/strc-20230803.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-038690

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer