Kaspien Holdings Inc.: restructuring charge — Kaspien initiates wind-down, voluntary delisting from OTCQB effective Jan 8, 2024

Kaspien Holdings Inc.

Wind-down plan initiated; substantially all employees reduced; estimated $1.8M in severance/retention costs.
Additional $1.8M estimated for other wind-down costs; operations substantially completed by May 1, 2024.
Voluntary delisting from OTCQB effective ~Jan 8, 2024; intends to deregister as public company.
CEO Brock Kowalchuk retention agreement: $150k bonus; CFO Edwin Sapienza: $140k; both to stay through May 1, 2024.
Company intends to avoid bankruptcy filing.

item 2.05 item 3.01 item 5.02 item 7.01 item 9.01

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

Kaspien Holdings Inc. announced a restructuring with charges of approximately $1.8 million for retention, severance and other employee termination-related costs affecting the Company's operations (substantially all of the Company's employees).

Type: restructuring
Charge: approximately $1.8 million for retention, severance and other employee termination-related costs
Affected area: the Company's operations
Headcount: substantially all of the Company's employees

Exact text from the filing

execute an orderly wind down of the Company and support the efforts to maximize the value of the Company’s business and assets. The Company’s previous estimate of approximately $1.8 million for retention, severance and other employee termination-related costs in the fourth quarter of 2023 remains unchanged. The Company also estimates that it will incur other wind

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Source: SEC EDGAR

accession 0001140361-23-058191

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