Accuray Inc 8-K, filed Oct 26, 2023
Accuray Inc (ARAY)
About this 8-K
Accuray Inc filed this 8-K on October 26, 2023, reporting on events of September 13, 2023.
Items reported
- Item 2.05: Exit or restructuring costs
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 2.05. Costs Associated with Exit or Disposal Activities.
On September 13, 2023, in accordance with its margin expansion plan, Accuray Incorporated (the “Company”) committed to a cost savings initiative designed to reduce operating costs through the reduction of its global workforce. On October 25, 2023, the Company informed affected employees of such cost savings initiative, which resulted in the elimination of approximately 5.9 percent of the Company’s global workforce. The Company expects to substantially complete the cost savings initiative in the second quarter of fiscal 2024.
The Company estimates the total cost of this initiative to be approximately $2.5 million, which is expected to be recorded in the second quarter of fiscal 2024.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this Current Report on Form 8-K include, but are not limited to, statements regarding the estimated costs of the Company’s cost savings initiative, including the timing of such costs. The Company’s expectations and beliefs regarding these matters may not materialize, and actual results are subject to risks and uncertainties that could cause such results to differ materially from those projected, including risks ordinarily incident to workforce reductions. The forward-looking statements contained in this Current Report on Form 8-K are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 and the Company’s other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this Current Report on Form 8-K, which are based on information available to the Company as of the date hereof. The Company disclaims any obligation to update any forward-looking statements, except as required by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
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.
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ACCURAY INCORPORATED |
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Dated: October 25, 2023 |
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/s/ Jesse Chew |
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Jesse Chew |
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Senior Vice President, Chief Legal Officer & Corporate Secretary |
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