Science 37 Holdings, Inc.: restructuring charge — Science 37 cuts 73 jobs (23.2% of workforce) in cost reduction program

Science 37 Holdings, Inc.

Reduction in force of 73 employees, ~23.2% of total workforce, approved Feb 7, 2024.
Expected annual gross cash savings of $12-13M; cash charges of $1-1.3M mainly severance.
Charges expected in Q1 2024; program completion by end of Q1 2024.
Company is also under agreement to be acquired by eMed, LLC for $5.75 per share (pending tender offer).

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

Science 37 Holdings, Inc. announced a restructuring with charges of between $1.0 million and $1.3 million (approximately 73 employees (representing approximately 23.2% of total employees prior to these actions)).

Type: restructuring
Charge: between $1.0 million and $1.3 million
Headcount: approximately 73 employees (representing approximately 23.2% of total employees prior to these actions)

Exact text from the filing

program will generate annual gross cash savings between $12.0 million to $13.0 million. Total cash expenditures for the cost reduction program are estimated to be between $1.0 million and $1.3 million, substantially all of which are expected to be related to employee severance costs. The Company expects to recognize most of these pre-tax reduction in force

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Source: SEC EDGAR

accession 0001819113-24-000004

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