ATHERSYS, INC / NEW: restructuring charge — Athersys terminates employees, CEO and COO to depart Dec 31; estimates $0.36M in charges

ATHERSYS, INC / NEW

On Dec 15, terminated 4 employees; remaining employees including CEO Camardo and COO Hansen to be terminated effective Dec 31, 2023.
Estimated one-time pre-tax cash charges of $0.360 million for employee severance and termination benefits.
CEO and COO will receive one month salary and two months COBRA in exchange for release of claims.
The departures may lead to additional costs not currently contemplated.

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

ATHERSYS, INC / NEW announced a restructuring with charges of approximately $0.360 million affecting corporate (terminated four of its employees. Effective December 31, 2023, the Company anticipates terminating its remaining employe).

Type: restructuring
Charge: approximately $0.360 million
Affected area: corporate
Headcount: terminated four of its employees. Effective December 31, 2023, the Company anticipates terminating its remaining employe

Exact text from the filing

The Company anticipates that some of the terminated employees may continue to advise the Company on a consulting basis. The Company estimates that it will incur approximately $0.360 million of one-time pre-tax cash charges related to the employee terminations, consisting of employee severance and other one-time termination benefits. These estimates are subject to a

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Source: SEC EDGAR

accession 0001437749-23-035265

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