ALPINE 4 HOLDINGS, INC.: restructuring charge — Alpine 4 Holdings to wind down subsidiary Thermal Dynamics International (TDI), expects $10-12M non-cash impairment

ALPINE 4 HOLDINGS, INC.

Board approved wind-down of wholly owned subsidiary TDI over ~3 months, effective March 15, 2024.
TDI contributed ~$8.5M revenue in FY2023; wind-down focuses resources on more strategic businesses.
Expected non-cash charges of $10M-$12M: ~$11M impairment of intangible assets, ~$1M impairment of PPE.
Additional transition costs of ~$500k for advisor fees; exclusion from non-GAAP measures planned.
No impact on Alpine 4's other wholly owned subsidiaries.

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

ALPINE 4 HOLDINGS, INC. announced a restructuring with charges of total non-cash expenses of between $10 million and $12 million, including impairment of intangible assets of approximately $11 million and impairment of a porti affecting wholly owned subsidiary Thermal Dynamics International, Inc. (TDI).

Type: restructuring
Charge: total non-cash expenses of between $10 million and $12 million, including impairment of intangible assets of approximately $11 million and impairment of a porti
Affected area: wholly owned subsidiary Thermal Dynamics International, Inc. (TDI)

Exact text from the filing

with customers and suppliers of the business. In connection with approval of the plan to exit the business, the Company is expected to incur total non-cash expenses of between $10 million and $12 million, including impairment of intangible assets of approximately $11 million and impairment of a portion of property, plant and equipment of approximately $1 million.

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Source: SEC EDGAR

accession 0001628280-24-012587

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