ILLUMINA, INC. (ILMN): restructuring charge — Illumina board approves GRAIL spin-off; distribution set for June 24, 2024

ILLUMINA, INC.

Holders receive 1 GRAIL share per 6 Illumina shares held at close on June 13, 2024 (record date).
Distribution effective 12:01 AM NYC time on June 24, 2024; GRAIL expected to trade 'regular way' on Nasdaq on June 25 under ticker 'GRAL'.
Illumina estimates $35-$50M incremental costs for spin-off, mainly legal and advisory fees, substantially incurred by Q3 2024.
Spin-off approval triggers potential goodwill impairment test; carrying value includes $1.466B goodwill and $561M IPR&D related to GRAIL.
Conditions include satisfaction or waiver of conditions in GRAIL's Form 10; no stockholder vote or action required.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.7

ILLUMINA, INC. announced a impairment with charges of potential indicator of impairment in the second quarter of 2024 for purposes of performing an interim goodwill impairment test, which could result in the recogn affecting GRAIL, LLC.

Type: impairment
Charge: potential indicator of impairment in the second quarter of 2024 for purposes of performing an interim goodwill impairment test, which could result in the recogn
Affected area: GRAIL, LLC

Exact text from the filing

Additionally, the approval of the Spin-Off by Illumina’s board of directors represents a potential indicator of impairment in the second quarter of 2024 for purposes of performing an interim goodwill impairment test, which could result in the recognition of an impairment.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.8

ILLUMINA, INC. announced a restructuring with charges of incremental charges of approximately $35 - $50 million, primarily comprised of cash expenditures relating to legal and advisory fees affecting Spin-Off.

Type: restructuring
Charge: incremental charges of approximately $35 - $50 million, primarily comprised of cash expenditures relating to legal and advisory fees
Affected area: Spin-Off

Exact text from the filing

In connection with the Spin-Off (as defined and described below), Illumina, Inc. (the “Company” or “Illumina”) estimates that it will incur incremental charges of approximately $35 - $50 million, primarily comprised of cash expenditures relating to legal and advisory fees.

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

ILLUMINA, INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-153239

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