Item 2.05 Costs Associated with Exit or Disposal Activities
On
The CRP will include a reduction in the Company's employee base by 388
employees, which constitutes a reduction of approximately 26% in the Company's
global workforce. In connection with the CRP, the Company estimates that it will
record an aggregate restructuring charge related to one-time termination
benefits in the range of approximately
Cash expenditures in connection with the CRP consist of payments for salary,
benefits, and unused paid time off for the affected employees from
Each affected employee's eligibility for the severance benefits is contingent upon such employee's execution (and no revocation) of a separation agreement, which includes a general release of claims against the Company. The Company expects payments relating to the CRP to be completed by the end of the second quarter of 2023.
A letter to the Company's employees from
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements, including,
but not limited to, statements related to the expected benefits of and timing of
completion of the CRP, and the expected costs and charges of the CRP. Words such
as "expects," "anticipates," "aims," "projects," "intends," "plans," "believes,"
"estimates," "seeks," "assumes," "may," "should," "could," "would," "foresees,"
"forecasts," "predicts," "targets," "commitments," variations of such words and
similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are based upon the Company's current plans,
assumptions, beliefs, and expectations. Forward-looking statements are subject
to the occurrence of many events outside of the Company's control. Actual
results and the timing of events may differ materially from those contemplated
by such forward-looking statements due to numerous factors that involve
substantial known and unknown risks and uncertainties. These risks and
uncertainties include, among other things, the risk that the restructuring costs
and charges may be greater than anticipated; the risk that the Company's
restructuring efforts may adversely affect the Company's internal programs and
the Company's ability to recruit and retain skilled and motivated personnel, and
may be distracting to employees and management; the risk that the Company's
restructuring efforts may negatively impact the Company's business operations
and reputation with or ability to serve customers; the risk that the Company's
restructuring efforts may not generate their intended benefits to the extent or
as quickly as anticipated; and other risks and uncertainties included in the
reports on Forms 10-K, 10-Q and 8-K and in other filings the Company makes with
the
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Letter toCue Health Inc. employees fromAyub Khattak , datedJanuary 5, 2023 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document). 2
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