23andMe Holdings Inc (ME) said in a SEC filing dated June 9th that it intended to reduce its workforce by roughly 9%, or 75 employees.
23andMe Holdings said the move aimed ”to restructure and strategically align our workforce with the Company’s strategy and to reduce the Company’s operating costs.”
It also said it expected to complete the reduction plan ”substantially” during the first quarter of the fiscal year ended on March 31st 2024.
23andMe Holdings will ”recognize restructuring charges in connection with the workforce reduction plan with respect to severance payments, benefits continuation, and stock compensation charges associated with the modification of certain stock options and restricted stock units,” it said in the filing.
Severance and benefit continuation charges are expected to amount to nearly $3.5 million and will be recognized mostly in the first quarter of fiscal 2024. Most of those charges are expected to be paid in cash during the same quarter, the company said.
Meanwhile, equity compensation charges are estimated at nearly $0.5 million and are expected to be recognized mostly in the first quarter of fiscal 2024.
The shares of 23andMe Holdings Inc closed 3.98% ($0.08) lower at $1.93 on Nasdaq on Friday, as they registered their largest single-session loss since May 30th.
The company’s total market cap now stands at $950.185 million.
The shares of 23andMe Holdings Inc have retreated 10.65% so far this year, following another 67.57% loss in 2022.
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