Embark Technology disclosed that its board approved a reduction in the company’s current workforce by approximately 230 employees. The decision was based on cost-reduction initiatives intended to reduce operating expenses, it said in a regulatory filing. Embark currently estimates it will incur charges of approximately $7M to $11M in connection with the reduction in force. Additionally, ot expects to realize noncash expenses with respect to certain other share-based awards that cannot presently be estimated. The company expects that the majority of these charges will be incurred in the first and second quarters of 2023, and that the reduction in force will be substantially complete by the end of the second quarter.
Published first on TheFly
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