Brief: View Board Approves Restructuring Plan

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29/03/2023 21:45

March 29 (Reuters) - View Inc  VIEW.O :
    * VIEW INC - ON MARCH 27, 2023, BOARD APPROVED A
RESTRUCTURING
PLAN
    * VIEW INC - REDUCTION IN WORKFORCE IS EXPECTED TO BE
SUBSTANTIALLY IMPLEMENTED IN MARCH 2023
    * VIEW INC - IMPLEMENTATION OF PLAN IS EXPECTED TO REDUCE
EXPENSES
BY APPROXIMATELY $23 MILLION OVER NEXT 12 MONTHS
    * VIEW -PURSUANT TO PLAN, EXPECTS TO DECREASE OVERALL
HEADCOUNT BY
ABOUT 170 EMPLOYEES, WHICH REPRESENTS ABOUT 23% OF FULL-TIME
EMPLOYEES AS OF MARCH 28
    * VIEW INC - EXPECTS TO INCUR A ONE-TIME CHARGE OF
APPROXIMATELY
$5 MILLION IN Q1 OF 2023 RELATED TO PLAN
    * VIEW INC - BOARD APPROVED A RESTRUCTURING PLAN TO REDUCE
STRUCTURAL COSTS, INCLUDING WITH RESPECT TO COMPANY'S WORKFORCE


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