Shapeways Holdings, Inc.: restructuring charge — Shapeways reduces workforce by 33 (~15% total staff); expects $6.2M in annual savings

Shapeways Holdings, Inc.

Board approved reduction of ~33 employees (~24% of non-production, ~15% of total global workforce).
One-time cash charges of ~$0.45M expected, mainly in Q4 2023; process substantially complete by Q1 2024.
Annual cash operating expense savings of ~$6.2M from reductions and elimination of open positions.
Granted inducement stock options for 25,625 shares at $2.09 to 14 new non-executive hires.
Options vest over 4 years (25% after 1 year, monthly thereafter) under Nasdaq Rule 5635(c)(4).

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

Shapeways Holdings, Inc. announced a restructuring with charges of approximately $0.45 million (approximately 33 employees, representing approximately 24% of the Company's global non-production workforce (or approxim).

Type: restructuring
Charge: approximately $0.45 million
Headcount: approximately 33 employees, representing approximately 24% of the Company's global non-production workforce (or approxim

Exact text from the filing

workforce (or approximately 15% of the Company's total global workforce). The Company currently estimates that it will incur one-time cash charges of approximately $0.45 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

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Source: SEC EDGAR

accession 0001628280-23-042225

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