Butterfly Network, Inc. (BFLY): restructuring charge — Butterfly Network to cut ~25% of workforce, expects $5-6M severance charges

Butterfly Network, Inc.

Board approved plan on Jan 4, 2023 to reduce operating expenses and extend liquidity.
Workforce reduction of approximately 25% across the company.
Estimated cash charges of $5M to $6M for employee severance and benefits.
Substantially all charges expected in Q1 and Q2 of 2023.
Additional costs not currently contemplated may arise from the reduction.

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

Butterfly Network, Inc. announced a restructuring with charges of approximately $5 million to $6 million (approximately 25% of the Company’s workforce).

Type: restructuring
Charge: approximately $5 million to $6 million
Headcount: approximately 25% of the Company’s workforce

Exact text from the filing

In addition to decreasing other operating expenses, the plan includes a reduction in force representing approximately 25% of the Company’s workforce. The Company estimates that it will incur between approximately $5 million to $6 million of cash charges related to employee severance and benefits costs, substantially all of which the Company expects to incur in the first and second quarters of 2023.

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Butterfly Network, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-003076

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