Quantum-Si Inc (QSI): restructuring charge — Quantum-Si to cut 12% of workforce; estimates up to $1.0M in severance costs

Quantum-Si Inc

Committed to organizational restructuring on January 30, 2023.
Terminating approximately 12% of workforce, effective in Q1 2023.
Estimated costs up to $1.0 million, primarily cash severance and benefits.
Expects to substantially complete restructuring in the first quarter of 2023.

item 2.05

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

Quantum-Si Inc announced a restructuring with charges of up to $1.0 m illion (approximately 12% of its workforce).

Type: restructuring
Charge: up to $1.0 m illion
Headcount: approximately 12% of its workforce

Exact text from the filing

On January 30, 2023, Quantum-Si Incorporated (the “Company”) committed to an organizational restructuring designed to decrease its costs and create a more streamlined organization to support its business. As a result, the Company is terminating approximately 12% of its workforce, effective in the first quarter of 2023. In connection with the restructuring, the Company currently estimates it will incur up to $1.0 m illion of costs, consisting primarily of cash severance costs and other severance benefits.

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Quantum-Si Inc filing history →

Source: SEC EDGAR

accession 0001140361-23-003309

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