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As previously announced, on May 9, 2024, in connection with the Company’s multi-year plan to reduce operational expenditures, management approved a plan for restructuring actions, including an expected reduction in labor expenses of at least 25% and a planned consolidation of certain of its facilities.
On June 17, 2024, the Company, with approval of its Board of Directors, began implementing its restructuring plan with headcount reductions, which the Company expects to result in a total reduction of at least 35% of the workforce when all impacted employees have departed.
The Company continues to expect the headcount reductions to be substantially completed in 2025, subject to local laws.
The aggregate expected costs and overall timing for completion of the restructuring plan is not yet fully known; however, the Company expects the initial headcount reductions in June 2024 will result in cash costs of at least $12 million in severance and related separation costs. The Company will provide further details at its earnings call for the second quarter of 2024 and its Quarterly Report on Form 10-Q for the three months ending June 30, 2024, and by amendment to this Current Report on Form 8-K at such time as it is able to estimate the total costs the Company expects to incur.
Posted In: DNA
