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On September 30, 2025, the Board of Directors of Applied DNA Sciences, Inc. (the "Company") authorized, and its officers implemented, a restructuring plan pursuant to which the Company will reduce overall operating expenses to focus resources on its previously announced BNB-focused treasury strategy. The restructuring plan includes a reduction of the Company's current workforce by sixteen employees, or approximately 60%. The Company estimates that it will incur aggregate pre-tax charges of approximately $1.4 million in connection with the reduction-in-force, primarily consisting of severance payments, employee benefits, and related costs. The Company expects that the reduction-in-force will be substantially completed by the end of October 2025 and that the associated charges will be recorded in the first quarter of fiscal 2026. The Company estimates that the restructuring will result in annualized cost savings of approximately $2.9 million. The estimated charges that the Company expects to incur are subject to a number of assumptions, and actual results may differ materially from these estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring plan.
Item 7.01 Regulation FD Disclosure.
On October 6, 2025, the Company issued a press release announcing that it will change its ticker symbol on the Nasdaq Capital Market from "APDN" to "BNBX" effective at the opening of trading on Tuesday, October 7, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Posted In: APDN
