Origin Materials, Inc. (ORGN): restructuring charge — Origin Materials cuts 30% of workforce, records $2.7M restructuring charge to conserve cash

Origin Materials, Inc.

Workforce reduction of ~30% of global employees, largely completed by Nov 20, 2023.
Expected restructuring charge of ~$2.7M: $0.5M cash severance, $2.2M non-cash equity acceleration.
Company defers long-term research programs to accelerate higher-margin near-term revenue.
Action aims to substantially extend cash resources for commercializing carbon-negative materials.

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

Origin Materials, Inc. announced a restructuring with charges of approximately $2.7 million affecting global employee headcount (approximately 30% of the Company’s global employee headcount).

Type: restructuring
Charge: approximately $2.7 million
Affected area: global employee headcount
Headcount: approximately 30% of the Company’s global employee headcount

Exact text from the filing

on November 17, 2023, the Company affected an organizational realignment to reflect the deferral of research programs with longer-term economic impacts and the acceleration of higher-margin revenue opportunities, resulting in a workforce reduction. The workforce reduction efforts have impacted approximately 30% of the Company’s global employee headcount. The Company expects the reduction in workforce to be largely completed by November 20, 2023, subject to compliance with statutory notice periods, where applicable. The Company expects to record a restructuring charge related to the workforce reduction of approximately $2.7 million

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Origin Materials, Inc. filing history →

Source: SEC EDGAR

accession 0001802457-23-000109

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