Novavax (NVAX) has released an update to notify the public and investors about termination and asset disposition expenses.
Novavax, Inc. has announced a strategic plan to reduce its annual spending by implementing a global workforce reduction of approximately 12%, affecting full-time employees and contractors. The cost-saving measures are expected to fully impact by 2025, with a significant portion realized in 2024. The company anticipates incurring one-time charges for severance and benefits, totaling between $4 million to $7 million, primarily in the first quarter of 2024. The workforce reduction will ultimately result in a 30% smaller workforce compared to the first quarter of 2023. The report also contains forward-looking statements that are subject to various risks and uncertainties, which may cause actual outcomes to differ from those projected.
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For a comprehensive understanding of the announcement, you can read the full document here.
