Ouster, Inc. (OUST): restructuring charge — Ouster to cut ~180-200 jobs, incur $27M-$30M restructuring charges post-Velodyne merger

Ouster, Inc.

Reduction in force impacting approximately 180-200 employees, effective February 10, 2023.
Aggregate charges of $27M-$30M, including $12M-$13M cash termination benefits and $0.5M India facility contract termination.
Non-cash stock-based compensation charge of $14.5M-$16.5M from accelerated vesting for terminated employees.
Most charges expected to be recognized in Q1 2023; actions aim to streamline operations and realize merger synergies.
Facility consolidation includes closing Velodyne's India facility.

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

Ouster, Inc. announced a restructuring with charges of approximately $27.0 million - $30.0 million of aggregate charges, which we anticipate to include $12.0 million - $13.0 million of one-time cash termination bene (approximately 180-200 employees).

Type: restructuring
Charge: approximately $27.0 million - $30.0 million of aggregate charges, which we anticipate to include $12.0 million - $13.0 million of one-time cash termination bene
Headcount: approximately 180-200 employees

Exact text from the filing

including Velodyne’s facility in India (collectively, the “Restructuring Initiatives”). The Restructuring Initiatives are expected to result in a range of approximately $27.0 million - $30.0 million of aggregate charges, which we anticipate to include $12.0 million - $13.0 million of one-time cash termination benefits, $0.5 million of facility contract in

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Source: SEC EDGAR

accession 0001193125-23-041136

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