Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Lucid Group, Inc. announced a restructuring with charges of The Company estimates that it will incur a total of approximately $24 million to $30 million in charges in connection with the Plan, which consist primarily of affecting Entire workforce (global, all organizations and levels) (approximately 1,300 employees, or approximately 18%).
- Type
- restructuring
- Charge
- The Company estimates that it will incur a total of approximately $24 million to $30 million in charges in connection with the Plan, which consist primarily of
- Affected area
- Entire workforce (global, all organizations and levels)
- Headcount
- approximately 1,300 employees, or approximately 18%
Exact text from the filing
On March 28, 2023, Lucid Group, Inc. (the “ Company ”) announced a restructuring plan (the “ Plan ”) intended to reduce the Company’s operating expenses in response to evolving business needs and productivity improvements through a reduction of the Company’s current employee workforce by approximately 1,300 employees, or approximately 18%. The Company expects to substantially complete the Plan by the end of the second quarter of 2023, subject to local law and consultation requirements. The Company estimates that it will incur a total of approximately $24 million to $30 million in charges in connection with the Plan, which consist primarily of charges related to employee transition, severance payments, employee benefits, and stock-based compensation. The Company expects that charges of approximately $22 million to $28 million will be recognized primarily in the first quarter of 2023, with the majority of such charges anticipated to be paid by the end of the second quarter of 2023. Subst
View on SEC.gov