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WASHINGTON, D.C. 20549
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|Item 8.01||Other Events|
On September 23, 2021, Zymergen Inc. (the “Company”) executed a reduction in force that represents a preliminary phase of the Company’s plan to reduce costs to align with its delayed revenue ramp.
As previously announced, the Company recently identified issues with its commercial product pipeline that impact its product delivery timeline and revenue projections for Hyaline and potentially other products in its pipeline. The Company is conducting a full assessment of its target markets and the fit of the products in its pipeline to those markets. The Company is also continuing to develop its plan to align its costs to its delayed revenue ramp.
This reduction in force is expected to result in the termination of approximately 120 employees. The Company estimates it will incur severance and employee-related restructuring costs of approximately $4.5 million related to this reduction in force.
Forward Looking Statements
This current report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include statements regarding the Company’s intentions or current expectations concerning, among other things, the scope and costs of its initial reduction in force and the Company’s ability to align costs with its delayed revenue ramp. Such forward-looking statements are based on the Company’s beliefs and assumptions and on information currently available to it on the date of this report. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including but not limited to risks regarding the Company’s ability to successfully commercialize and generate revenue from its products and ability to develop and successfully implement a new strategic plan. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: September 23, 2021||By:||/s/ Mina Kim|
|Name: Mina Kim|
|Title: Chief Legal Officer|