Ernexa Therapeutics Inc 8-K, filed Jan 5, 2022
Ernexa Therapeutics Inc. (ERNA)
8-K
2022-01-05
For: 2022-01-03
View Original
Added on
April 06, 2026
About this 8-K
Ernexa Therapeutics Inc filed this 8-K on January 5, 2022, reporting on events of January 3, 2022.
Items reported
- Item 2.05: Exit or restructuring costs
UNITED
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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): January 3, 2022
(Exact Name of Registrant as Specified in its Charter)
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (212 ) 582-1199
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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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 or Rule 12b-2 of the Securities Exchange
Act of 1934:
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.05 |
Costs Associated with Exit or Disposal Activities.
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On January 3, 2022, Brooklyn ImmunoTherapeutics, Inc., a Delaware corporation (the “Company,” “we,” “us” or “our”), completed a reduction
in force (the “Reduction”), comprising eight employees (53% of our workforce), effective January 3, 2022, which is the date on which we notified such employees of their termination. We believe the Reduction, which was approved by our Board of
Directors, will enable us to better align our workforce with the needs of our business and focus more of our capital resources on our cell therapy and gene editing platform, as we continue to sustain our investment in the prosecution of IRX-2
through the end of the INSPIRE Phase 2B study. In connection with the Reduction, we estimate that we will incur approximately $0.5 million for severance and termination-related costs, which we expect to record during the first quarter of 2022. We
may also incur additional costs and non-cash charges that are not currently contemplated or determinable, which may occur as a result of the Reduction.
Forward-Looking Statements
This Item 2.05 contains forward-looking statements that are intended to be covered by the safe harbor for “forward-looking statements” provided by
the Private Securities Litigation Reform Act of 1995, as amended. Forward looking statements are statements that are not historical facts. Words such as “expects,” “believes,” “will,” “may,” “anticipates,” “intends,” “plans,” “estimates,” “seek,”
“predict,” “project,” “potential” or the negatives of these terms or variations of them or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the anticipated
benefits of the Reduction, the anticipated timing and details of the reduction in workforce and expected charges and costs associated with the reduction in workforce that we expect to incur. These statements are based on current expectations,
estimates and projections about our business based, in part, on assumptions made by management, and are subject to a number of risks and uncertainties. Factors that could cause actual results to differ materially from current expectations include
possible changes in the expected costs and charges associated with the Reduction, and risks associated with our ability to achieve the expected benefits of the Reduction and realignment of our resources. Additionally, these forward-looking statements
should be considered in conjunction with the cautionary statements and risk factors described in our Current Report on Form 8-K filed with the Securities and Exchange Commission on May 11, 2021, our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2021 and our other filings filed from time to time with the Securities and Exchange Commission. We do not assume any obligation to update any forward-looking statement, except 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.
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Brooklyn ImmunoTherapeutics, Inc.
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Dated: January 5, 2022
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By:
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/s/ Howard J. Federoff
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Howard J. Federoff
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Chief Executive Officer and President
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