Item 2.05 Costs Associated with Exit or Disposal Activities.
On
The estimates of the charges and expenditures that the Company expects to incur in connection with the Workforce Reduction, and the timing thereof, are subject to several assumptions and the actual amounts incurred may differ materially from these estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Workforce Reduction.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the Workforce Reduction discussed in Item 2.05 above, the
following members of the Company's executive team will be leaving the Company to
pursue new opportunities:
The Company would like to thank
Each departing member of the Company's executive team will be entitled to
receive severance upon the execution of a separation agreement satisfactory to
the Company. Assuming the execution of this agreement, (i)
Item 8.01 Other Events.
On
Cautionary Note Regarding Forward-Looking Statements
This report, including Exhibit 99.1 hereto, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, statements regarding the expected cost-savings from the Workforce Redcution and the expecting timing for incurring costs associated with the Workforce Reduction, the expected timing of implementing and completing the Workforce Reduction, the Company's plans to retain certain individuals to assist in this process, the Company's review and evaluation of potential strategic alternatives and their impact on stockholder value, and the process by which the Company engages in evaluation of strategic alternatives and assessment of maximizing value for all stakeholders. Any forward-looking statements in this report, including the exhibits hereto, are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, including, but not limited to, the risk that the Company may not be able to implement the Workforce Reduction or the exploration of strategic alternatives as currently anticipated or within the timing currently anticipated, the impact of the workforce reduction on the Company's business, the risk that the Company's cost saving initiatives may not be successful, unanticipated difficulties with preserving capital, unanticipated difficulties in terminating certain contracts and arrangements, unanticipated charges not currently contemplated that may occur as a result of the Workforce Reduction, and the risk that the Company may not be successful in identifying one or more strategic alternatives or ultimately pursuing a strategic alternative that delivers the anticipated benefits and will need to pursue bankruptcy protection or an orderly wind down. For a discussion of these risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the
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forward-looking statements, see the section entitled "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
Item 9.01 Financial Statements and Exhibits
(d) Exhibits Exhibit Number Description 99.1 Press release datedJune 1, 2023 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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