Matterport, Inc./DE: restructuring charge — Matterport cuts 30% of workforce (~170 roles) in restructuring; expects $4-5M charges

Matterport, Inc./DE

Workforce reduction of approximately 170 positions, or 30% of total employees, announced July 11, 2023.
Estimated restructuring charges of $4 to $5 million, primarily cash severance and exit costs, expected in Q3 and Q4 2023.
Company targets operational cash flow profitability in 2024, one year ahead of prior plan.
Q2 2023 financial results scheduled for release after market close on August 8, 2023.

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

Matterport, Inc./DE announced a restructuring with charges of approximately $4 to $5 million (approximately 170 roles, or 30% of its workforce).

Type: restructuring
Charge: approximately $4 to $5 million
Headcount: approximately 170 roles, or 30% of its workforce

Exact text from the filing

On July 11, 2023, Matterport, Inc. (the “Company”) announced a restructuring plan (the “Plan”) intended to reduce operating costs and continue to accelerate its path to profitable growth. The Plan includes a reduction of approximately 170 roles, or 30% of its workforce. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The Company currently estimates that it will incur charges of approximately $4 to $5 million in connection with the Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, exit charges associated with office space reductions, and related costs.

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Source: SEC EDGAR

accession 0001819394-23-000038

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