3D Systems Corp 8-K/A, filed Nov 15, 2023
3D Systems Corp (DDD)
About this 8-K/A
3D Systems Corp filed this 8-K/A on November 15, 2023, reporting on events of October 25, 2023.
Items reported
- Item 2.05: Exit or restructuring costs
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 2.05. Costs Associated With Exit or Disposal Activities.
As previously announced on October 25, 2023 and disclosed in the Original Report, the Company initiated the next phase of its multi-faceted restructuring initiative designed to improve operating efficiencies throughout the organization and drive long-term value creation. The Company expects this phase of the restructuring initiative will reduce operating expenses by approximately $45 – $55 million in 2024, with the majority of the cost takeout to occur by the end of the first quarter of 2024. The Company expects to incur cash charges in the range of $4 to $6 million predominantly related to severance costs. The Company may incur additional charges in 2024 as it finalizes all of the actions to be taken.
Certain of the foregoing statements are not statements of historical or current facts and are therefore forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates,” “designs” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the Company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the Company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the Company’s periodic filings with the SEC, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date hereof. The Company undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, accept as required by law.
SIGNATURE
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.
| 3D SYSTEMS CORPORATION | ||
| Date: November 15, 2023 | By: | /s/ Andrew M. Johnson |
| Andrew M. Johnson | ||
| Executive Vice President, Chief Business Development and Chief Legal Officer, and Interim Chief Financial Officer | ||