Getaround, Inc: restructuring charge — Getaround approves restructuring plan: 10% headcount cut, $25-30M annual cost savings

Getaround, Inc

Approves restructuring plan reducing global workforce by ~10% (impacting North America only).
Expects $1.4M in one-time costs, mainly severance and benefits.
Aims for $25M-$30M in annualized cost savings through workforce cuts and reduced external spend.
Restructuring expected to be completed in calendar year 2023.
CEO cites macroeconomic uncertainty as reason for proactive cost optimization.

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

Getaround, Inc announced a restructuring with charges of approximately $1.4 million affecting North American teams (approximately 10%).

Type: restructuring
Charge: approximately $1.4 million
Affected area: North American teams
Headcount: approximately 10%

Exact text from the filing

the cost of risk during trips booked on the Getaround marketplace. The Company estimates that it will incur total costs in connection with the restructuring of approximately $1.4 million, substantially all of which is expected to be related to severance and benefits costs. These changes together are estimated to result in cost savings of between $25 million and

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Source: SEC EDGAR

accession 0001193125-23-022886

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