ChargePoint announces reorganization, to cut workforce by about 15%

ChargePoint announced the reorganization of its operations including a reduction of ChargePoint’s current global workforce by approximately 15%. The Reorganization is expected to result in estimated annualized GAAP and non-GAAP operating expense savings of approximately $41 million and $38 million, respectively, while creating efficiencies by streamlining functions across the Company. The Company estimates the aggregate restructuring costs associated with the Reorganization to be approximately $10 million, primarily consisting of severance payments, employee benefits and related costs. The Company expects to incur these costs primarily during the third and fourth fiscal quarters.