Cue Health Inc.: restructuring charge — Cue Health cuts 151 jobs (~24% workforce) in new cost reduction plan

Cue Health Inc.

Reduction of 151 employees, roughly 24% of global workforce.
Estimated cash restructuring charge of $3.2M–$4.0M; non-cash charge ~$0.1M for RSU acceleration.
CRP follows prior cost reduction plans from Jan 2023, Apr 2023, and Jan 5, 2024.
Employee terminations expected by late March 2024; payments through Q3 2024.
Severance includes cash payment, healthcare continuation, and potential RSU acceleration.

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

Cue Health Inc. announced a restructuring with charges of in the range of approximately $3.2 million to $4.0 million (151 employees, which constitutes a reduction of approximately 24% in the Company's global workforce).

Type: restructuring
Charge: in the range of approximately $3.2 million to $4.0 million
Headcount: 151 employees, which constitutes a reduction of approximately 24% in the Company's global workforce

Exact text from the filing

In connection with the CRP, the Company estimates that it will record an aggregate restructuring charge related to one-time termination benefits in the range of approximately $3.2 million to $4.0 million. The substantial majority of these charges will result in cash expenditures. Cash expenditures in connection with the CRP consist of payments for salary,

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Source: SEC EDGAR

accession 0001628945-24-000009

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