BIOLIFE SOLUTIONS INC (BLFS): restructuring charge — BioLife Solutions divests Stirling freezer business for $1; cuts 11% of workforce

BIOLIFE SOLUTIONS INC

Sold Global Cooling (Stirling) for $1.00; expects to eliminate several million dollars of quarterly cash burn.
Workforce reduction of 47 employees (~11% of full-time); estimated $2.5M charges in Q2 2024.
Removes $7.5M warranty liabilities; $7M cash left in GCI and $2.6M debt repayment.
Expects higher revenue growth, adjusted EBITDA, and gross margin expansion after sale.

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

BIOLIFE SOLUTIONS INC announced a restructuring with charges of approximately $2.5 million of charges affecting Global Cooling, Inc. (approximately 47 employees (representing approximately 11% of its full-time employees)).

Type: restructuring
Charge: approximately $2.5 million of charges
Affected area: Global Cooling, Inc.
Headcount: approximately 47 employees (representing approximately 11% of its full-time employees)

Exact text from the filing

on March 29, 2024, and all affected employees were informed on April 17, 2024, following the execution of the Purchase Agreement. The Company expects to recognize approximately $2.5 million of charges in connection with the RIF, comprised of approximately $2.0 million of stock compensation expense and approximately $0.5 million in cash expenditures, substantially

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BIOLIFE SOLUTIONS INC filing history →

Source: SEC EDGAR

accession 0001628280-24-016671

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