Twist Bioscience Corp (TWST): restructuring charge — Twist Bioscience reports $12.7M restructuring costs, exceeding prior $9-11M estimate

Twist Bioscience Corp

Cumulative pre-tax restructuring costs of $12.7M recognized through June 30, 2023.
Broke down as $8.6M severance, $3.6M asset impairments, and $0.4M other costs.
Expects additional severance up to $0.4M and other costs up to $0.6M.
Restructuring includes ~270 employee reduction (25% of workforce) and facility consolidation.
Previous estimate of $9-11M was based on initial plan approved May 3, 2023.

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

Twist Bioscience Corp announced a restructuring with charges of $9 and $11 million affecting South San Francisco and Wilsonville, Oregon facilities (approximately 270 employees worldwide, representing approximately 25% of the Company's total workforce).

Type: restructuring
Charge: $9 and $11 million
Affected area: South San Francisco and Wilsonville, Oregon facilities
Headcount: approximately 270 employees worldwide, representing approximately 25% of the Company's total workforce

Exact text from the filing

Company expects it to be substantially completed by the end of fiscal year 2023. As disclosed in the Original Report, the Company expected to incur pre-tax charges of between $9 and $11 million, consisting of cash expenditures for employee severance and related benefit costs. The Company recognized cumulative pre-tax restructuring costs of approximately

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Source: SEC EDGAR

accession 0001104659-23-087548

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