By Connor Hart
Quantum-Si will cut about 23% of its workforce, or about 43 jobs, in a restructuring plan designed to streamline its corporate resources.
The Branford, Conn., protein-sequencing company said Friday it expects to recognize one-time cash charges of about $2.6 million as a result of its restructuring, largely tied to severance and other benefits. Approximately $2.3 million will be incurred this year, with the remaining hitting within the first six months of 2025.
It will recognize an additional $200,0000 non-cash expense before the end of 2024 related to stock option modifications.
The restructuring, set to be substantially completed during the fourth quarter, will align required resources to focus on future product development objectives, the company said.
Shares--which ended the regular session up 34%, to $1.62--fall 5.6%, to $1.53, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 22, 2024 17:04 ET (22:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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