Heliogen, Inc.: restructuring charge — Heliogen estimates $4.2M-$6.8M restructuring costs; $4.2M incurred through Q2

Heliogen, Inc.

Asset write-off costs estimated between $3.4M and $4.0M, including impairment charges.
Employee severance and transition costs estimated at $0.6M to $0.8M.
Facility closure costs (lease termination, etc.) estimated at $0.2M to $2.0M.
$4.2M recorded as impairment and other charges in Q2 2024; remainder expected by end of 2024.
Plan includes workforce reduction and closing Long Beach, CA manufacturing facility.

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

Heliogen, Inc. announced a restructuring with charges of $3.4 million to $4.0 million of asset write-off costs, including impairment charges; $0.6 million to $0.8 million of employee transition, severance payments and affecting manufacturing facility in Long Beach, California.

Type: restructuring
Charge: $3.4 million to $4.0 million of asset write-off costs, including impairment charges; $0.6 million to $0.8 million of employee transition, severance payments and
Affected area: manufacturing facility in Long Beach, California

Exact text from the filing

The Company now estimates it will incur the following charges in connection with the targeted plan, including reorganization and other related costs: • $3.4 million to $4.0 million of asset write-off costs, including impairment charges; • $0.6 million to $0.8 million of employee transition, severance payments and related benefits; and • $0.2 million to $2.0 million of costs associated with closing the manufacturing facility, including lease termination costs and other related costs.

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Source: SEC EDGAR

accession 0001840292-24-000037

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