EMCORE CORP: restructuring charge — EMCORE shuts down Broadband segment, cuts ~100 jobs; focuses on inertial navigation

EMCORE CORP

Restructuring includes shutdown of Broadband (cable TV, wireless, sensing, chips) and discontinuation of defense optoelectronics.
Workforce reduction of ~100 employees (75 US, 25 China); facility consolidation from five to two buildings in Alhambra.
Annualized cost savings of ~$12M; expects restructuring charge of ~$2.1M (incl. $0.5M stock) in fiscal Q3 2023.
Restructuring actions to be substantially completed by September 30, 2023.
Company pivots to focus entirely on Aerospace & Defense inertial navigation.

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

EMCORE CORP announced a restructuring with charges of approximately $2.1 million affecting Broadband business segment and defense optoelectronics product line (approximately 75 positions in the U.S. (primarily in Alhambra, California) and approximately 25 positions in China, coll).

Type: restructuring
Charge: approximately $2.1 million
Affected area: Broadband business segment and defense optoelectronics product line
Headcount: approximately 75 positions in the U.S. (primarily in Alhambra, California) and approximately 25 positions in China, coll

Exact text from the filing

in the Company's future reporting periods, including, without limitation, one-time employee severance and termination costs related to the Restructuring of approximately $2.1 million (of which the Company expects that approximately $0.5 million will be in stock-based compensation expenditures relating to the acceleration of the vesting of outstanding equity

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Source: SEC EDGAR

accession 0001104659-23-048116

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