{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-23-073946","form_type":"8-K","ticker":null,"cik":"0001762322","company_name":"SHIFT TECHNOLOGIES, INC.","filed_at":"2023-09-05T23:59:59+00:00","discovered_at":"2026-05-14T18:03:35.155539+00:00","generated_at":"2026-06-11T00:05:18.239335+00:00","sec_items":["2.05","2.06"],"event_type":"other_material","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Shift Technologies closes Portland facility, cuts ~25% of workforce, expects $23M annual savings","bullets":["Closure of Portland vehicle storage/sales facility and corporate streamlining; workforce reduction of ~25%.","Total annualized cost savings estimated at up to $23M ($13M from facility, $10M from headcount).","Expects $0.5M in one-time cash severance and $8.5M non-cash charges for decommissioning technology assets.","Restructuring expected to be substantially completed by September 5, 2023.","Board's review of strategic alternatives remains ongoing."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-23-073946","json":"https://secwatch.observer/filing/0001213900-23-073946.json","markdown":"https://secwatch.observer/filing/0001213900-23-073946.md","text":"https://secwatch.observer/filing/0001213900-23-073946.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/0001213900-23-073946-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/ea184680-8k_shifttech.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-11T00:05:18.239335+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"083a0bb654f3ecd350c52abc04c1faab6c31ace4","claim":"SHIFT TECHNOLOGIES, INC. announced a impairment with charges of approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets affecting technology assets.","evidence_excerpt":"As a result of the Restructuring and associated workforce reduction, we expect to incur approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets. The Company has not yet completed its analysis of additional charges","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/0001213900-23-073946-index.htm","confidence":0.85,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"impairment"},{"label":"Charge","value":"approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets"},{"label":"Affected area","value":"technology assets"}],"fact_type":"restructuring_charge"},{"claim_id":"78127959f212815b4ac6d02263ff674b94eba08f","claim":"SHIFT TECHNOLOGIES, INC. announced a restructuring with charges of approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decomm affecting Portland-based vehicle storage and sales facility and additional streamlining of its corporate organization (approximately 25%).","evidence_excerpt":"charges related to the Restructuring and associated workforce reduction. As a result of the Restructuring and associated workforce reduction, we expect to incur approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets. The","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1762322/000121390023073946/0001213900-23-073946-index.htm","confidence":0.95,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $0.5 million in one-time cash severance payments, and approximately $8.5 million in one-time non-cash charges associated primarily with the decomm"},{"label":"Affected area","value":"Portland-based vehicle storage and sales facility and additional streamlining of its corporate organization"},{"label":"Headcount","value":"approximately 25%"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}