8-Kfiled January 16, 2024, 6:59 PM ETticker TKNOCIK 0001850902
other materialconfidence highsentiment negativemateriality 0.75
Alpha Teknova, Inc. (TKNO): restructuring charge — Alpha Teknova cuts 15% of workforce, CCO and CPO depart; option repricing approved
Alpha Teknova, Inc.
Workforce reduction of ~15% of current employees; annualized cost savings estimated at $6.4M.
Severance and related charges of ~$1.2M expected, all cash; RIF substantially complete by Feb 1, 2024.
CCO Ken Gelhaus and CPO Lisa McCann to exit March 1; roles eliminated in restructuring.
Outstanding employee and director options repriced to fair market value on March 14, 2024; reduced exercise price effective only after Sept 14, 2025 or earlier qualifying termination.
Option repricing applies to 1,635,381 shares held by employees/directors; stockholder consent obtained Jan 16.
On January 11, 2024, the Company informed Ken Gelhaus, its Chief Commercial Officer, and Lisa McCann, its Chief People Officer, that their employment with the Company would end at the close of business on March 1, 2024, because the Company had decided to eliminate the roles of Chief Commercial Officer and Chief People Officer.
On January 11, 2024, the Company informed Ken Gelhaus, its Chief Commercial Officer, and Lisa McCann, its Chief People Officer, that their employment with the Company would end at the close of business on March 1, 2024, because the Company had decided to eliminate the roles of Chief Commercial Officer and Chief People Officer.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Lisa McCann was terminated as Chief People Officer at Alpha Teknova, Inc..
Action
terminated
Role
Chief People Officer
Exact text from the filing
On January 11, 2024, the Company informed Ken Gelhaus, its Chief Commercial Officer, and Lisa McCann, its Chief People Officer, that their employment with the Company would end at the close of business on March 1, 2024, because the Company had decided to eliminate the roles of Chief Commercial Officer and Chief People Officer.
Ken Gelhaus was terminated as Chief Commercial Officer at Alpha Teknova, Inc..
Action
terminated
Role
Chief Commercial Officer
Exact text from the filing
On January 11, 2024, the Company informed Ken Gelhaus, its Chief Commercial Officer, and Lisa McCann, its Chief People Officer, that their employment with the Company would end at the close of business on March 1, 2024, because the Company had decided to eliminate the roles of Chief Commercial Officer and Chief People Officer.
Alpha Teknova, Inc. announced a restructuring with charges of approximately $1.2 million (approximately 15% of its current employees).
Type
restructuring
Charge
approximately $1.2 million
Headcount
approximately 15% of its current employees
Exact text from the filing
the RIF are estimated at approximately $6.4 million. The Company expects to substantially complete the RIF by February 1, 2024. The Company expects to recognize approximately $1.2 million in total charges for severance and related benefits for employees whose employment was or will be terminated pursuant to the RIF. These are one-time termination benefits and are
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