Invitae Corporation filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities (Amendment)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form | ||
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 13, 2023
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EXPLANATORY NOTE
This Current Report on Form 8-K/A (this “Current Report”) amends the Current Report on Form 8-K filed by Invitae Corporation (the “Company”) with the Securities and Exchange Commission (the “SEC”) on December 14, 2023 (the “Original Report”) and is being filed in order to amend and supplement the Company’s disclosure under Item 2.05 of the Original Report. The Original Report otherwise remains unchanged.
| Item 2.05 | Costs Associated with Exit or Disposal Activities. | ||||
As previously announced, on December 13, 2023, the Company committed to a workforce reduction and other cost saving initiatives as part of the Company’s efforts to reduce operating expenses. At the time of the Original Report, the Company estimated that it would incur one-time severance related payments of approximately $10 million.
In addition to these charges, the Company has now determined an additional non-cash benefit related to stock-based compensation expense. Specifically, the Company expects to recognize a reversal of stock-based compensation expense of approximately $5.9 million, largely attributed to the modification of stock awards, in the quarter ended December 31, 2023.
Forward-Looking Statements
This Current Report on Form 8-K/A contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company’s strategic objectives and anticipated outcomes; and operational streamlining, cost reduction initiatives and their projected impact on the Company’s financial and operational performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the availability of and need for capital; the ability to service the Company’s debt obligations; the successful execution and anticipated benefits of the divestiture and cost reduction strategies; potential unforeseen costs or challenges associated with these strategies; the risk that the disruption resulting from these activities may harm the Company’s business, market share or its relationship with customers or potential customers; the impact of inflation and the current economic environment on the Company’s business; and the other risks set forth in the reports filed by the Company in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 11, 2024
| INVITAE CORPORATION | ||||||||
| By: | /s/ Thomas R. Brida | |||||||
| Name: | Thomas R. Brida | |||||||
| Title: | General Counsel | |||||||