Brief: Assembly Biosciences Says Plan Includes A Reduction Of Workforce By 30 Employees

Assembly Biosciences

20/07/2022 22:05

July 20 (Reuters) - Assembly Biosciences Inc  ASMB.O :
    * ASSEMBLY BIOSCIENCES INC - PLAN INCLUDES A REDUCTION OF
WORKFORCE BY 30 EMPLOYEES, RESULTING IN A TOTAL OF ABOUT 70
REMAINING EMPLOYEES
    * ASSEMBLY BIOSCIENCES -IMPACTED EMPLOYEES TO BE OFFERED
SEPARATION BENEFITS LIKE SEVERANCE PAYMENTS, ACCELERATED VESTING
OF SOME RESTRICTED STOCK UNITS
    * ASSEMBLY BIOSCIENCES INC - ESTIMATES THAT IT WILL INCUR
APPROXIMATELY $1.6 MILLION IN COSTS PRIMARILY RELATED TO
SEVERANCE COSTS AND RELATED EXPENSES
    * ASSEMBLY BIOSCIENCES INC - EXPECTS PAYMENTS OF SEVERANCE
COSTS
FOR IMPACTED EMPLOYEES OTHER THAN TWO EXECUTIVE OFFICERS TO BE
COMPLETE IN Q4 OF 2022
    * ASSEMBLY BIOSCIENCES INC -COMPANY WILL CONTINUE TO PAY
PREMIUMS
FOR CONTINUATION OF HEALTHCARE COVERAGE OF IMPACTED EMPLOYEES
FOR A LIMITED PERIOD
    * ASSEMBLY BIOSCIENCES INC - ORGANIZATIONAL CHANGES UNDER
PLAN ARE
EXPECTED TO BE SUBSTANTIALLY COMPLETED DURING Q4 OF 2022

Source text for Eikon:  ID: 
Further company coverage:  ASMB.O 

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