Ouster ( NYSE: OUST ) announced late on Thursday that it took cost-savings measures in connection to the closing of the merger with Veoldyne (VLDR).
The company initiated a reduction in workforce that is expected to impact approximately 180 to 200 employees and consolidated some of its facilities, including Velodyne’s (VLDR) facility in India.
The restructuring initiatives are expected to result in a range of approximately $27M to $30M of aggregate charges, which the company anticipates to include $12.0M to $13.0M of one-time cash termination benefits, $0.5M of facility contract in India termination costs, and approximately $14.5M to $16.5M of non-cash stock-based compensation charge related to the vesting of share-based awards for employees who are terminated.
The initiatives are expected to help streamline the organization and re-balance resources to better align with the new priorities following the merger.
Ouster ( OUST ) anticipates that most of the charges will be recognized in FQ1 of 2023.
For further details see:
Ouster slashes costs after merger with Velodyne