Quantum-Si Inc (QSI): restructuring charge — Quantum-Si announces 16% workforce reduction; President/COO Schneider departs

Quantum-Si Inc

Restructuring to cut ~16% of workforce; expects $2.5M cash severance charge and $0.3M non-cash stock option modification expense in H2 2023.
President and COO Patrick Schneider steps down effective August 28, 2023; separation agreement to follow.
CEO Jeffrey Hawkins appointed as President in addition to his CEO role; no additional compensation.
Restructuring aimed at decreasing costs and streamlining organization; expected to complete in Q4 2023.

item 2.05 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Patrick Schneider

President and Chief Operating Officer

QSI · Quantum-Si Inc

Effective: 2023-08-28
Filed: August 29, 2023, 7:59 PM ET

On August 28, 2023 (the “Effective Date”), the Company and Patrick Schneider, Ph.D. , the Company’s current President and Chief Operating Officer, mutually determined that Dr. Schneider w ill step down from such roles, effective as of the Effective Date.

Appointed

Jeffrey Hawkins

President

QSI · Quantum-Si Inc

Effective: 2023-08-28
Filed: August 29, 2023, 7:59 PM ET

the Company’s board of directors (the “Board”) appointed Jeffrey Hawkins, the Company’s current Chief Executive Officer and member of the Board, as President of the Company, effective as of the Effective Date.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Patrick Schneider departed as President and Chief Operating Officer at Quantum-Si Inc.

Action: step down
Role: President and Chief Operating Officer

Exact text from the filing

On August 28, 2023 (the “Effective Date”), the Company and Patrick Schneider, Ph.D. , the Company’s current President and Chief Operating Officer, mutually determined that Dr. Schneider w ill step down from such roles, effective as of the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jeffrey Hawkins was appointed as President at Quantum-Si Inc.

Action: appointed
Role: President

Exact text from the filing

the Company’s board of directors (the “Board”) appointed Jeffrey Hawkins, the Company’s current Chief Executive Officer and member of the Board, as President of the Company, effective as of the Effective Date.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Quantum-Si Inc announced a restructuring with charges of approximately $2.5 million affecting organizational restructuring (approximately 16% of its workforce).

Type: restructuring
Charge: approximately $2.5 million
Affected area: organizational restructuring
Headcount: approximately 16% of its workforce

Exact text from the filing

with the restructuring, the Company expects that it will recognize over the remainder of 2023 a one-time cash charge related to severance and other benefits of approximately $2.5 million. In addition, the Company expects to recognize non-cash expense over the remainder of 2023 in the amount of approximately $0.3 million related to stock option modifications. The

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2 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Quantum-Si Inc filing history →

Source: SEC EDGAR

accession 0001140361-23-041635

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