View Inc. to cut about 170 jobs

In a regulatory filing, the company states: "On March 27, 2023, the Board of Directors of the Company approved a restructuring plan to reduce structural costs, including with respect to the Company’s workforce. Pursuant to the Plan, the Company expects to decrease overall headcount by approximately 170 employees, which represents approximately 23% of full-time employees as of March 28, 2023. The reduction in workforce is expected to be substantially implemented in March 2023. The implementation of the Plan is expected to reduce expenses by approximately $23 million over the next 12 months. All employees affected by the reduction in workforce will be eligible to receive, among other things, severance payments based on the applicable employee’s level at the Company and the continuation of benefits for a specified time period post-termination. Each affected employee’s eligibility for severance benefits is contingent upon such employee’s execution of a separation agreement, which includes a general release of claims against the Company. The Company expects to incur a one-time charge of approximately $5 million in the first quarter of 2023 related to the Plan, consisting primarily of one-time severance payments upon termination of the employees impacted by the reduction in workforce and continued benefits for a specific period of time with related cash payments expected to be substantially paid out by April 30, 2023. The Company expects such payments to be the only direct expense of the Plan. The Company does not expect to recognize a stock-based compensation expense for impacted employees related to vested awards and does not anticipate modifying the affected employees’ stock awards in a manner that would result in additional expenses."