Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 1.0
Evofem Biosciences, Inc. announced a restructuring with charges of The Company estimates that it will incur aggregate pre-tax charges of approximately $0.7 million in connection with the reduction in force, primarily consisting affecting workforce (45 employees).
- Type
- restructuring
- Charge
- The Company estimates that it will incur aggregate pre-tax charges of approximately $0.7 million in connection with the reduction in force, primarily consisting
- Affected area
- workforce
- Headcount
- 45 employees
Exact text from the filing
On November 1, 2022, the Board of Directors of Evofem Biosciences, Inc. (the "Company") approved a reduction in force intended to conserve the Company's current cash resources. The Company will reduce its current workforce by 45 employees. The Company expects annualized future cost savings from the reduction in force to be approximately $11.0 million, which the Company intends to use to support its operations. The Company estimates that it will incur aggregate pre-tax charges of approximately $0.7 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits and related costs. The Company expects that the reduction in force will be complete by the end of November 2022 and that these one-time charges will be incurred in the fourth quarter of 2022.
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