secwatch.observer — SEC 8-K summary
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Issuer:     FORMFACTOR INC (FORM)
CIK:        0001039399
Form:       8-K
Filed at:   2021-09-29T23:59:59+00:00
Accession:  0001039399-21-000078
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 2.05
LLM model:  deepseek-v4-flash:cloud@v2

FormFactor adopts restructuring plan with $8-10.5M charges; expects $3-4M annual savings
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- Charges $8.0-$10.5M GAAP, including $1-1.5M inventory impairments, $3.5-4.5M contract/lease term costs, $2-2.5M facility exit costs, $1-2M severance.
- $4.4M of charges expected in Q3 of current fiscal year.
- Cash expenditures $6.5-8M; non-cash $1.5-2.5M.
- Annual cost reduction of $3-4M once fully implemented; actions largely complete by end Dec 2022.
- Consolidating manufacturing facilities for Probe Cards and Systems segments; relocating US locations to new Livermore factory and to Germany/Asia.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039399/000103939921000078/0001039399-21-000078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039399/000103939921000078/form-20210925.htm
  HTML page:      https://secwatch.observer/filing/0001039399-21-000078

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