---
schema_version: "secwatch.filing_event.v1"
accession: "0001819615-23-000014"
form_type: "8-K/A"
ticker: null
cik: "0001819615"
company_name: "Clever Leaves Holdings Inc."
filed_at: "2023-01-23T23:59:59+00:00"
generated_at: "2026-06-20T11:57:01.706448+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Clever Leaves to wind-down Portugal operations, incur $19M-$21M restructuring charges

## Summary
- 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.

## SEC filing metadata
- accession: 0001819615-23-000014
- form_type: 8-K/A
- 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: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.05, 2.06, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819615/000181961523000014/0001819615-23-000014-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819615/000181961523000014/clvr-20230123.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819615-23-000014
- JSON: https://secwatch.observer/filing/0001819615-23-000014.json
- Plain text: https://secwatch.observer/filing/0001819615-23-000014.txt

## Key facts
- Restructurings & Charges
  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
  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/1819615/000181961523000014/0001819615-23-000014-index.htm

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