REE Automotive Ltd 6-K, filed Feb 9, 2023
REE Automotive Ltd. (REEAF)
About this 6-K
REE Automotive Ltd filed this 6-K on February 9, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2023
Commission File Number: 001-40649
REE AUTOMOTIVE LTD.
(Exact name of registrant as specified in its charter)
Kibbutz Glil-Yam
4690500, Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
On February 9, 2023, REE Automotive Ltd.
(the “Company”) announced that it was undertaking a reduction in the Company’s employee base by 31 employees representing
approximately 11% of the Company’s workforce. The Company estimates that in connection with the reduction it will incur approximately $0.35
to $0.5 million in severance-related charges. A copy of the Company’s communication to employees regarding the reduction
is attached hereto as Exhibit 99.1.
The information contained in this Report of Foreign Private Issuer on Form 6-K shall be deemed to be filed with the SEC and incorporated
by reference into the Company’s registration statements, including its registration statement on Form S-8 (File No. 333-261130)
and registration statement on Form F-3 (File No. 333-266902), and shall be a part thereof, to the extent not superseded by
documents or reports subsequently filed or furnished.
This Form 6-K contains forward-looking statements, which are any predictions,
projections or other statements about future events based on current expectations and assumptions that are subject to risks and uncertainties,
which are described in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no duty to update
any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.
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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, thereunto duly authorized.
| REE AUTOMOTIVE LTD. | ||
| By: | /s/ Avital Futterman | |
| Name: | Avital Futterman | |
| Title: | General Counsel | |
Date: February 9, 2023
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EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Employee email dated February 9, 2023 |
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Exhibit 99.1
“TeamREE,
Whenever someone asks us what the magic is behind REE our answer is always the same: it is our people, the very talented and extraordinary people that work together as a team to create something no one thought possible. The level of your commitment and devotion to our goal and to each other is second to none.
Over the past few weeks, we have been working very hard on our 2023 budget, one that we believe will allow REE to be more focused and more competitive around our business strategy as we move towards commercialization of our P7 platforms and the first deliveries of test vehicles to our customers. While looking at the short to mid-term horizon we see stormy market conditions and it is our duty to adapt and prepare ourselves accordingly to optimize our resources. Therefore, when considering the company’s strategy, operational needs and goals, we have realized certain adjustments are required, including adjustments that would streamline the agility of our processes. Those would unfortunately result in having to separate from some of our dear and valued team members.
With teams in different countries with different notice periods, employment laws, etc. This process may look different across regions, but regardless of geography, we are committed to taking care of those who are leaving. From career guidance to networking opportunities, we commit to doing our very best to make this process professional, smooth, and supportive for every employee leaving. Wherever you land next will be lucky to have your talents. Knowing each one of you personally, we want you to know we deeply appreciate your contribution; it’s what makes us who we are today and who we will become in the future. Thank you for being a part of our story.
To those of you who will continue on this journey with us, we have a lot to do. We are in an incredibly important phase on our path to make this a better, more sustainable planet Powered by REE. We have secured our first test vehicle orders and our customers and partners are counting on us to deliver the vehicles that they need to drive their business forward. We believe our 2023 budget will enable us to bring our technology to market. You all have an important role to play on the path to seeing Powered by REE vehicles on your streets. We have demonstrated our commitment and discipline and we will continue do so. I recognize that you have all put your hearts and souls into REE and it is paramount we continue doing this as a strong team. I cannot stress enough that our success depends on you. We trust you and our customers and the market trust us. Together, we can and will deliver.
Yours,
Daniel and Ahishay”