Gritstone bio, Inc.: restructuring charge — Gritstone bio files Chapter 11, cuts 19% of workforce, receives Nasdaq delisting notice

Gritstone bio, Inc.

Filed voluntary Chapter 11 petition on Oct 10, 2024 in Delaware bankruptcy court.
Announced termination of ~25 employees (19% reduction) effective Nov 15, with 30-day severance.
Expects one-time charge of ~$0.3M in Q4 2024 primarily for severance payments.
Nasdaq notified company of delisting due to Chapter 11; trading suspended Oct 22, 2024.
Company will not appeal Nasdaq's delisting determination.

item 2.05 item 3.01

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

Gritstone bio, Inc. announced a restructuring with charges of approximately $0.3 million (approximately 25 employees).

Type: restructuring
Charge: approximately $0.3 million
Headcount: approximately 25 employees

Exact text from the filing

and salary, all earned but unused paid time off, and a severance payment that is equal to 30 days of employment. The Company expects to record a one-time charge of approximately $0.3 million related to the reduction in its workforce, consistent primarily of one-time severance payments upon termination of the employees. The Company expects that the majority of these

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Source: SEC EDGAR

accession 0001193125-24-238117

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