{"schema_version":"secwatch.filing_event.v1","accession":"0001751788-26-000009","form_type":"8-K","ticker":"DOW","cik":"0001751788","company_name":"DOW INC.","filed_at":"2026-01-29T23:59:59+00:00","discovered_at":"2026-05-14T18:02:36.074119+00:00","generated_at":"2026-05-16T06:29:47.195218+00:00","sec_items":["2.05","8.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Dow announces Transform to Outperform plan, cutting 4,500 roles; targets $2B EBITDA improvement","bullets":["Workforce reduction of ~4,500 roles globally (~13% of workforce) as part of Transform to Outperform.","Severance and related costs expected $600-800M; total one-time costs of $1.1-1.5B, with cash outlays over two years.","Targeting at least $2B near-term Op. EBITDA improvement, ~2/3 from productivity, 1/3 from growth.","Year 2026 expected $500M Op. EBITDA benefit with $800-1,000M cash cost; 2027 incremental $1.2B benefit with $300-500M cost.","Plan approved by Board Jan 26, 2026; press release issued Jan 29, 2026."],"urls":{"canonical":"https://secwatch.observer/filing/0001751788-26-000009","json":"https://secwatch.observer/filing/0001751788-26-000009.json","markdown":"https://secwatch.observer/filing/0001751788-26-000009.md","text":"https://secwatch.observer/filing/0001751788-26-000009.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/29915/000175178826000009/dow-20260126.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T06:29:47.195218+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0aa7cd3a1347f6f61ba9a977bf72b4c439cb702f","claim":"DOW INC. announced a restructuring with charges of in the range of $600 million to $800 million (approximately 4,500 roles globally).","evidence_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","confidence":0.9}],"comparable_filings":[{"accession":"0001171843-26-001794","ticker":"SSM","company_name":"Sono Group N.V.","filed_at":"2026-03-19T23:59:59+00:00","headline":"Sono Group exits solar subsidiary, adopts Bitcoin treasury strategy with covered-call yield","event_type":"other_material","sec_items":["2.05","8.01","9.01"],"materiality_score":0.85,"calibrated_materiality_score":0.85,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05, 8.01","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001171843-26-001794","json":"https://secwatch.observer/filing/0001171843-26-001794.json","markdown":"https://secwatch.observer/filing/0001171843-26-001794.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1840416/000117184326001794/0001171843-26-001794-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1840416/000117184326001794/f8k_031926.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"On March 14, 2026, the supervisory board of Sono Group N.V. (the “Company”) resolved to terminate all current and future funding commitments to its sole operational subsidiary, Sono Motors GmbH, and to exit the legacy solar operations conducted through Sono Motors GmbH, with immediate effect.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1840416/000117184326001794/0001171843-26-001794-index.htm"}},{"accession":"0001539497-26-000812","ticker":"BCAB","company_name":"BioAtla, Inc.","filed_at":"2026-03-02T23:59:59+00:00","headline":"BioAtla initiates strategic review, cuts 70% workforce; CFO replaced; cash ~$7.1M","event_type":"other_material","sec_items":["2.02","7.01","2.05","5.02","8.01","9.01"],"materiality_score":0.85,"calibrated_materiality_score":0.85,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05, 8.01","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001539497-26-000812","json":"https://secwatch.observer/filing/0001539497-26-000812.json","markdown":"https://secwatch.observer/filing/0001539497-26-000812.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1826892/000153949726000812/0001539497-26-000812-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1826892/000153949726000812/n5620_8k.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"formal process to explore and evaluate strategic options to maximize\nshareholder value. The total cash payments related to this\nworkforce reduction are estimated to be between $0.5 and $0.6 million related to employee severance and benefit costs. The Company\nexpects to pay for the majority of these costs in the first quarter of 2026. The estimates of the","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1826892/000153949726000812/0001539497-26-000812-index.htm"}},{"accession":"0001193125-26-031987","ticker":"IOBTQ","company_name":"IO Biotech, Inc.","filed_at":"2026-01-30T23:59:59+00:00","headline":"IO Biotech explores strategic alternatives, cuts workforce, CMO departs, hires Raymond James","event_type":"other_material","sec_items":["2.05","5.02","8.01","9.01"],"materiality_score":0.8,"calibrated_materiality_score":0.8,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05, 8.01","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-031987","json":"https://secwatch.observer/filing/0001193125-26-031987.json","markdown":"https://secwatch.observer/filing/0001193125-26-031987.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1865494/000119312526031987/0001193125-26-031987-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1865494/000119312526031987/d13704d8k.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"As part of previously announced efforts by IO Biotech, Inc. (the “Company”) to reduce the Company’s operating expenses while the Company explores a range of strategic alternatives, the Board of Directors of the Company approved on January 21, 2026, a restructuring and workforce reduction plan (the “Plan”) which is expected to result in a significant reduction of the Company’s workforce globally. In connection with the implementation of the Plan, the Company expects to incur one-time charges and cash expenditures in a range of approximately $2.4 million to $2.6 million, primarily related to employee wages and severance payments, healthcare continuation, earned vacation time and related termination costs.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1865494/000119312526031987/0001193125-26-031987-index.htm"}},{"accession":"0001193125-26-009772","ticker":"LYRA","company_name":"Lyra Therapeutics, Inc.","filed_at":"2026-01-12T23:59:59+00:00","headline":"Lyra suspends LYR-210 development, lays off nearly all staff; CEO/CFO become consultants","event_type":"other_material","sec_items":["2.05","5.02","8.01"],"materiality_score":0.9,"calibrated_materiality_score":0.9,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05, 8.01","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-009772","json":"https://secwatch.observer/filing/0001193125-26-009772.json","markdown":"https://secwatch.observer/filing/0001193125-26-009772.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1327273/000119312526009772/0001193125-26-009772-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1327273/000119312526009772/d27712d8k.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"On January 9, 2026, the Board of Directors of Lyra Therapeutics, Inc. (the “Company”) approved a plan to suspend further development of LYR-210, the Company’s lead product candidate for the treatment of chronic rhinosinusitis, and to implement a cost reduction plan that includes a workforce reduction impacting substantially all of the Company’s remaining employees, effective January 12, 2026, and other cost-saving actions to preserve capital (the “Plan”).","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1327273/000119312526009772/0001193125-26-009772-index.htm"}},{"accession":"0001315257-26-000036","ticker":"KOP","company_name":"Koppers Holdings Inc.","filed_at":"2026-05-08T23:59:59+00:00","headline":"Koppers conditionally plans to shut Stickney, IL chemical operations; Q1 adjusted EPS down 19.7%","event_type":"other_material","sec_items":["2.02","2.05","5.02","5.07","7.01","9.01"],"materiality_score":0.85,"calibrated_materiality_score":0.85,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001315257-26-000036","json":"https://secwatch.observer/filing/0001315257-26-000036.json","markdown":"https://secwatch.observer/filing/0001315257-26-000036.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1315257/000131525726000036/0001315257-26-000036-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1315257/000131525726000036/kop-20260507.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"potentially appropriate uses for the Stickney facility following the end of production activities. The Company expects this action to result in pre-tax charges to earnings of $227 million to $262 million through the end of 2029, approximately $170 million to $195 million of which constitutes non-cash charges and approximately $57 million to $67 million of which","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1315257/000131525726000036/0001315257-26-000036-index.htm"}},{"accession":"0001477333-26-000033","ticker":"NET","company_name":"Cloudflare, Inc.","filed_at":"2026-05-07T23:59:59+00:00","headline":"Cloudflare Q1 revenue $639.8M +34% YoY; announces 20% workforce reduction","event_type":"other_material","sec_items":["2.02","2.05","7.01","9.01"],"materiality_score":0.85,"calibrated_materiality_score":0.85,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001477333-26-000033","json":"https://secwatch.observer/filing/0001477333-26-000033.json","markdown":"https://secwatch.observer/filing/0001477333-26-000033.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1477333/000147733326000033/0001477333-26-000033-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1477333/000147733326000033/cloud-20260507.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"On May 7, 2026, the Company announced a plan (the “Plan”) designed to further accelerate its evolution to an agentic AI-first operating model. As part of the Plan, the Company expects to reduce its current workforce by approximately 20%. The Company currently estimates that it will incur charges of between $140 million and $150 million in connection with the Plan","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1477333/000147733326000033/0001477333-26-000033-index.htm"}},{"accession":"0001802457-26-000021","ticker":"ORGN","company_name":"Origin Materials, Inc.","filed_at":"2026-05-01T23:59:59+00:00","headline":"Origin Materials board approves dissolution, liquidation; CEO steps down; workforce cut 59%","event_type":"other_material","sec_items":["2.05","5.02","9.01"],"materiality_score":0.95,"calibrated_materiality_score":0.95,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001802457-26-000021","json":"https://secwatch.observer/filing/0001802457-26-000021.json","markdown":"https://secwatch.observer/filing/0001802457-26-000021.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1802457/000180245726000021/0001802457-26-000021-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1802457/000180245726000021/orgn-20260501.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"its workforce by approximately 59%, resulting in an approximately $14.0 million decrease in annual operating expenses. Origin anticipates that it will incur approximately $2.1 million in restructuring charges in connection with the workforce reduction, primarily consisting of cash expenditures of approximately $2.1 million for severance and benefits costs.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1802457/000180245726000021/0001802457-26-000021-index.htm"}},{"accession":"0001104659-26-049755","ticker":"PASG","company_name":"Passage BIO, Inc.","filed_at":"2026-04-28T23:59:59+00:00","headline":"Passage Bio cuts ~75% of workforce, expects $3.3M in severance costs","event_type":"other_material","sec_items":["2.05"],"materiality_score":0.9,"calibrated_materiality_score":0.9,"match_reasons":["same fact type: restructuring_charge","same SEC item: 2.05","same event type: other_material","similar materiality"],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-26-049755","json":"https://secwatch.observer/filing/0001104659-26-049755.json","markdown":"https://secwatch.observer/filing/0001104659-26-049755.md","edgar_index":"https://www.sec.gov/Archives/edgar/data/1787297/000110465926049755/0001104659-26-049755-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1787297/000110465926049755/tm2612859d1_8k.htm"},"side_by_side_evidence":{"fact_type":"restructuring_charge","source_excerpt":"On January 26, 2026, the Company’s Board of Directors approved certain severance and related benefit costs for a workforce reduction of approximately 4,500 roles globally related to Transform to Outperform. The Company will record charges in 2026 and 2027 for costs associated with Transform to Outperform. In total, severance and related benefit costs and future cash outlays are expected to be in the range of $600 million to $800 million.","source_evidence_url":"https://www.sec.gov/Archives/edgar/data/1751788/000175178826000009/0001751788-26-000009-index.htm","comparable_excerpt":"The Company expects that the aggregate severance and exit costs for the Restructuring Plan will be approximately $3.3 million, which will be recorded primarily in the second quarter of 2026.","comparable_evidence_url":"https://www.sec.gov/Archives/edgar/data/1787297/000110465926049755/0001104659-26-049755-index.htm"}}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}