GreenLight Biosciences down on restructuring plan

Greenlight Biosciences Holdings PBC

12/10/2022 18:08

** Shares of sustainable industry-focused blank-check firm
GreenLight Biosciences Holdings  GRNA.O  fall 2.9% to $1.99
    ** Co announces restructuring plan, intends to cut workforce
by 25% (https://bit.ly/3TcOdxi)
    ** GRNA expects workforce reduction will be implemented by
end of October 
    ** Says will shift its focus from early-stage research
programs to opportunities that are nearer to commercialization
    ** Says job cuts expected to result in nearly $13 mln of
savings in 2023 
    ** GRNA expects to incur pre-tax restructuring charge in the
range of $1.5 mln - $2 mln in Q4 
    ** Also sees nearly $3.5 mln - $4.0 mln non-cash charges
related to consolidation of lab and office spaces 
    ** Including session's fall, stock down 79.9% YTD
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))