Results
Luminar Technologies Inc.
09/23/2024 | Press release | Distributed by Public on 09/23/2024 14:24
Reorganization Form 8 K
Item 2.05. Costs Associated with Exit or Disposal Activities.
On May 3, 2024, Luminar Technologies, Inc. (the "Company") announced a restructuring plan ("2024 Restructuring Plan"), including a reduction in its workforce by approximately 20%. On September 20, 2024, the Company announced additional actions under the 2024 Restructuring Plan that represent a cumulative reduction in workforce of approximately 30% of the Company's full-time employees since the beginning of 2024.
The additional actions associated with the 2024 Restructuring Plan are expected to begin immediately and be substantially complete by the end of 2025. The Company estimates that it will incur approximately $4 million to $6 million in additional cash charges associated with employee severance and related employee costs, plus charges related to acceleration of certain previously granted stock-based awards as part of severance packages for employees impacted under the 2024 Restructuring Plan. These charges are expected to be incurred primarily in the third and fourth quarters of 2024.
The Company's estimates are subject to a number of assumptions, and actual results may differ materially. 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.
Forward-Looking Statements
This Item 2.05 contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, but are not limited to, statements related to the Company's expected charges for employee severance and other costs associated with the restructuring plan, including estimates of related cash expenditures by the Company, statements regarding the number of employees subject to the workforce reduction and the timing thereof, and the impact of the restructuring plan. These forward-looking statements are based on the Company's current expectations and inherently involve significant risks and uncertainties. The Company's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of those risks and uncertainties, which include, without limitation, risks related to the Company's operating expense reductions and the Company's ability to accurately estimate the charges associated with such reductions. Other factors that could cause actual results to differ from these forward-looking statements are discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent reports filed with the Securities and Exchange Commission. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are first made. Any forward-looking statements contained in this current report speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.