---
schema_version: "secwatch.filing_event.v1"
accession: "0001819615-23-000004"
form_type: "8-K"
ticker: null
cik: "0001819615"
company_name: "Clever Leaves Holdings Inc."
filed_at: "2023-01-23T23:59:59+00:00"
generated_at: "2026-06-20T11:57:14.888909+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Clever Leaves to wind down Portugal ops; expects $19-21M charges, $7M annual savings

## Summary
- Board authorized restructuring Jan 17; Portugal cultivation to cease by end of Q1 2023.
- Workforce reduction of 63 employees in Portugal (96% of local staff, 21% total workforce).
- Expected charges: $0.7-0.9M severance, $12-13M real estate/equipment, $6-7M inventory write-off.
- Operational transition to Colombia expected to generate ~$7M in annual cost savings by year-end 2023.
- About $1.5-2.0M of charges are cash expenditures; remainder non-cash write-offs.

## SEC filing metadata
- accession: 0001819615-23-000004
- form_type: 8-K
- cik: 0001819615
- company_name: Clever Leaves Holdings Inc.
- filed_at: 2023-01-23T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.05, 2.06, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819615/000181961523000004/0001819615-23-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819615/000181961523000004/clvr-20230123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819615-23-000004
- JSON: https://secwatch.observer/filing/0001819615-23-000004.json
- Plain text: https://secwatch.observer/filing/0001819615-23-000004.txt

## Key facts
- Restructurings & Charges
  Clever Leaves Holdings Inc. announced a restructuring with charges of approximately $19 million to $21 million affecting Portugal operations (63 employees).
  - Type: restructuring
  - Charge: approximately $19 million to $21 million
  - Affected area: Portugal operations
  - Headcount: 63 employees
  source text: requirements. The Company expects to complete these actions in the first half of fiscal 2023. The Company currently estimates that it will incur charges of approximately $ 19 million to $ 21 million in connection with the restructuring plan. The total expected range includes approximately $ 0.7 million to $ 0.9 million related to severance and employee
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819615/000181961523000004/0001819615-23-000004-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.