Blend Labs to eliminate 200 positions (~10% workforce) with $6.7M in charges

Blend Labs, Inc.

Plan targets title operations and G&A functions; expected to be substantially complete in Q2 2022.
Estimated $6.7M total charges: $6.5M cash for severance/benefits, $0.2M stock-based compensation.
Eliminated positions represent annualized compensation expense savings of approximately $35.4M.
Company also implementing non-personnel cost reductions; additional charges may occur.
Charges to be excluded from non-GAAP financial measures.

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