Ouster, Inc. (OUST): restructuring charge — Ouster announces cost-cutting measures with workforce reduction; expects $7.5M-$9.0M charges

Ouster, Inc.

Aggregate restructuring charges estimated between $7.5M and $9.0M.
Cash termination benefits of $3.0M-$3.5M; non-cash stock-based comp charge of $4.5M-$5.5M.
Reduction in force as part of the cost-cutting initiatives.
Restructuring expected to be substantially completed by end of fiscal year 2023.

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 $7.5 million - $9.0 million of aggregate charges (a reduction in force).

Type: restructuring
Charge: approximately $7.5 million - $9.0 million of aggregate charges
Headcount: a reduction in force

Exact text from the filing

On June 22, 2023, Ouster, Inc. (the "Company" or "Ouster") announced a series of cost cutting measures, including a reduction in force (collectively, the "Restructuring Initiatives"). The Restructuring Initiatives are expected to result in a range of approximately $7.5 million - $9.0 million of aggregate charges, which are anticipated to include $3.0 million - $3.5 million of one-time cash termination benefits and approximately $4.5 million - $5.5 million of non-cash stock-based compensation charge related to the vesting of share-based awards for employees who are terminated.

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Ouster, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-172705

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