Brief: Eargo Inc Says On June 23, 2023, Board Approved A Cost Reduction Plan

Eargo

27/06/2023 22:42

June 27 (Reuters) - Eargo Inc  EAR.O :
    * EARGO INC - ON JUNE 23, 2023, BOARD APPROVED A COST
REDUCTION
PLAN
    * EARGO INC - PLAN IS EXPECTED TO IMPACT APPROXIMATELY
90–120
EMPLOYEES, OR APPROXIMATELY 32–42% OF THE COMPANY’S WORKFORCE
    * EARGO INC - ESTIMATES TO INCUR NON-RECURRING CHARGES OF
ABOUT
$5.0–$7.0 MILLION IN CONNECTION WITH THE PLAN
    * EARGO - ON JUNE 23, APPOINTED WILLIAM BROWNIE AS INTERIM
CHIEF
EXECUTIVE OFFICER TO SUCCEED CHRISTIAN GORMSEN, EFFECTIVE JUNE
30, 2023
    * EARGO INC - ON JUNE 23, APPROVED PLANS FOR GORMSEN, TO
SEPARATE
FROM CO AND TO STEP DOWN FROM HIS POSITIONS AS PRESIDENT, CEO,
AND DIRECTOR
    * EARGO INC - SIZE OF THE BOARD WILL BE REDUCED BY ONE UPON
GORMSEN’S SEPARATION DATE, RESULTING IN A REMAINING BOARD
COMPRISED OF SIX DIRECTORS

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