STREAMLINE HEALTH SOLUTIONS INC.: restructuring charge — Streamline Health raises $8.3M in direct offering, consolidates businesses, appoints new president

STREAMLINE HEALTH SOLUTIONS INC.

Closed registered direct offering of 6,299,989 shares at $1.32/share for $8.3M gross; >30% from insiders.
Consolidated eValuator and Avelead businesses; expects $1.5M annualized cost savings now, $1.5M more in FY2023.
Appointed Ben Stilwill as President; Jawad Shaikh as Chief Strategy Officer; Amy Sebero as Chief Growth Officer.
Workforce reduced by 10 employees (7%); executive salary cuts of 0-30% for one year.
Anticipates exiting FY2022 with $17M SaaS ACV and FY2023 with $30M SaaS ACV; expects positive cash ops in Q3 FY2023.

item 1.01 item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Ben Stilwill

President

STREAMLINE HEALTH SOLUTIONS INC.

Effective: 2022-10-26
Filed: October 27, 2022, 7:59 PM ET

the Board appointed Ben Stilwill as President of the Company, effective October 26, 2022.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ben Stilwill was appointed as President at STREAMLINE HEALTH SOLUTIONS INC..

Action: appointed
Role: President

Exact text from the filing

the Board appointed Ben Stilwill as President of the Company, effective October 26, 2022.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

STREAMLINE HEALTH SOLUTIONS INC. entered into Purchase Agreements with Purchasers valued at 6,299,989 shares of common stock at $1.32 per share, gross proceeds approximately $8.3 million (effective 2022-10-24).

Action: entry
Agreement: equity purchase
Counterparty: Purchasers
Value: 6,299,989 shares of common stock at $1.32 per share, gross proceeds approximately $8.3 million
Effective: 2022-10-24

Exact text from the filing

On October 24, 2022, Streamline Health Solutions, Inc. (the “Company”) entered into purchase agreements (collectively, the “Purchase Agreements”) with purchasers named therein (the “Purchasers”), pursuant to which the Company agreed to issue and sell in a registered direct offering an aggregate of 6,299,989 shares of common stock, par value $0.01 per share (the “Common Stock”), at a purchase price of $1.32 per share (the “Offering”).

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

STREAMLINE HEALTH SOLUTIONS INC. announced a restructuring with charges of approximately $300,000 (approximately 10 employees, or approximately 7% of the Company’s employee workforce).

Type: restructuring
Charge: approximately $300,000
Headcount: approximately 10 employees, or approximately 7% of the Company’s employee workforce

Exact text from the filing

The Company also eliminated four independent contractors from its cost structure. As a result of the alignment plan, the Company anticipates that it will incur approximately $300,000 in one-time severance and other employee termination-related costs. The Company is not currently aware of any other significant charges it will incur as a result of the alignment

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Source: SEC EDGAR

accession 0001493152-22-029722

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