Coinbase Global, Inc 8-K, filed Jun 14, 2022
Coinbase Global, Inc. (COIN)
8-K
2022-06-14
For: 2022-06-14
View Original
Added on
April 07, 2026
About this 8-K
Coinbase Global, Inc filed this 8-K on June 14, 2022.
Items reported
- Item 2.05: Exit or restructuring costs
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 14, 2022
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 2.05. Costs Associated with Exit or Disposal Activities.
On June 14, 2022, Coinbase Global, Inc. (the “Company”) announced a restructuring plan (the “Plan”) to manage its operating expenses in response to current market conditions and ongoing business prioritization efforts. The Plan involves a reduction of the Company’s workforce by approximately 1,100 employees, representing approximately 18% of the Company’s global workforce as of June 10, 2022, following which the Company expects to have approximately 5,000 total employees as of the end of its current fiscal quarter on June 30, 2022. The Company expects execution of the Plan to be substantially complete in the second quarter of 2022.
In connection with these actions, the Company estimates that it will incur approximately $40 million to $45 million in total restructuring expenses, all of which are future cash-based expenditures and substantially all of which are related to employee severance and other termination benefits. The Company expects to recognize substantially all of these charges in the second quarter of 2022. The foregoing estimated amounts do not include any non-cash charges associated with stock-based compensation. The Company expects to recognize an immaterial reduction of stock-based compensation as it does not anticipate materially modifying the affected employees’ stock awards to accelerate the vesting of such awards or to otherwise modify such awards in a manner that would result in such charges.
Item 7.01. Regulation FD Disclosure.
The Company is not updating the outlook that it provided on May 10, 2022 in a letter to its shareholders announcing its financial results for the quarter ended March 31, 2022 (the “Shareholder Letter”). However, as a result of the Plan, the Company expects that the previously provided outlook for the Company’s technology and development and general and administrative expenses for full year 2022 to be closer to the lower end of the range included in the Shareholder Letter.
This Current Report on Form 8-K contains forward-looking statements including, but not limited to, statements related to the Company’s outlook for the full year 2022, the number of positions affected by the Plan, and the estimated restructuring charges associated with, and the time frame for completion of and recognition of charges associated with, the Plan. These forward-looking statements are based on management’s beliefs and assumptions and on information available to management as of the date they are made. However, investors should not place undue reliance on any such forward-looking statements because they speak only as of the date they are made. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from the Company’s historical experience and its present expectations or projections. These risks and uncertainties include, but are not necessarily limited to, those described in the Company’s filings with the Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| COINBASE GLOBAL, INC. | ||||||||
| Date: June 14, 2022 | By: | /s/ Alesia J. Haas | ||||||
| Alesia J. Haas | ||||||||
| Chief Financial Officer | ||||||||