Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
DermTech, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-06-18).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2024-06-18
Exact text from the filing
On June 18, 2024, after considering various strategic alternatives, DermTech, Inc. and its subsidiary, DermTech Operations, Inc. (together, the “Company” or “DermTech”) filed voluntary petition for relief under Chapter 11 of Title 11 (“Chapter 11”) of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), thereby commencing a Chapter 11 case for the Company - In re DermTech, Inc., et. al. (Bankr. D. Del.) .
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
DermTech, Inc. announced a restructuring with charges of approximately $0.6 million (approximately 15 employees (approximately 20% of the Company’s workforce)).
- Type
- restructuring
- Charge
- approximately $0.6 million
- Headcount
- approximately 15 employees (approximately 20% of the Company’s workforce)
Exact text from the filing
On June 12, 2024, the Board of Directors (the “Board”) of the Company approved a reduction in force (the “Reduction in Force”) of approximately 15 employees (approximately 20% of the Company’s workforce), with potential additional reductions of DermTech’s workforce in the future, in order to reduce the Company’s operating expenses and in an effort to preserve value for stakeholders. The Company estimates that it will incur aggregate pre-tax charges of approximately $0.6 million in connection with the Reduction in Force, primarily consisting of severance payments, employee benefits and related costs.
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