Clever Leaves Holdings Inc.: restructuring charge — Clever Leaves to wind-down Portugal operations, incur $19M-$21M restructuring charges

Clever Leaves Holdings Inc.

Charges include $0.7M-$0.9M severance, $12M-$13M real estate/equipment exit costs, and $6M-$7M inventory write-off.
Workforce reduction of 63 employees in Portugal: 96% of Portugal staff, 21% of total global workforce.
Annualized cost savings of ~$7M expected by year-end 2023.
Company will consolidate all cannabinoid cultivation in Colombia to leverage lower costs and EU-GMP certified facilities.

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

Clever Leaves Holdings Inc. announced a restructuring with charges of approximately $19 million to $21 million affecting Portugal operations (approximately 96 % reduction to the Company’s workforce in Portugal and 21 % reduction to the Company’s total workforce).

Type: restructuring
Charge: approximately $19 million to $21 million
Affected area: Portugal operations
Headcount: approximately 96 % reduction to the Company’s workforce in Portugal and 21 % reduction to the Company’s total workforce

Exact text from the filing

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

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Source: SEC EDGAR

accession 0001819615-23-000014

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