Form 8-K - Current report
05 Septembre 2023 - 10:57PM
Edgar (US Regulatory)
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2023-09-05
2023-09-05
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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) September 5, 2023 (September 5, 2023)
SHIFT
TECHNOLOGIES, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-38839 |
|
82-5325852 |
(State or other jurisdiction
of
incorporation or organization) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
290
Division Street, Suite 400, San Francisco, CA |
|
94103 |
(Address of principal executive
offices) |
|
(Zip Code) |
Registrant's
telephone number, including area code: (855) 575-6739
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:
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240a-12) |
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
Class A common stock, par
value $0.0001 per share |
|
SFT |
|
Nasdaq Capital Market |
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).
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) if the Exchange Act.
Item
2.05. Costs Associated with Exit or Disposal Activities.
On
September 5, 2023, Shift Technologies, Inc. (the “Company,” “Shift,” “we” or “us”) announced
the closing of its Portland-based vehicle storage and sales facility and additional streamlining of its corporate organization (collectively,
the “Restructuring”). The Restructuring will result in an estimated workforce reduction of approximately 25%. The Company
expects that the Restructuring and associated workforce reduction will result in total annualized cost savings of up to $23 million,
which includes up to $13 million in expected net cost savings related to the Restructuring and up to $10 million in expected net costs
savings related to the workforce reduction. The Company expects the Restructuring and associated workforce reduction will be substantially
completed by September 5, 2023.
The
Company expects to incur charges related to the Restructuring and associated workforce reduction. As a result of the Restructuring and
associated workforce reduction, we expect to incur approximately $0.5 million in one-time cash severance payments, and approximately
$8.5 million in one-time non-cash charges associated primarily with the decommissioning of certain technology assets. The Company has
not yet completed its analysis of additional charges associated with implementation of the Restructuring and associated workforce reduction,
and therefore is not able to make a good faith determination of an estimate of the amount, or range of amounts, of any additional charges
such as contract termination costs. The Company will provide additional disclosure through an amendment to this Current Report on Form
8-K once it makes a determination of an estimate or range of estimates of such charges, if any.
The
charges that the Company expects to incur are subject to a number of assumptions, and actual expenses may differ materially from the
estimates disclosed above.
The
Company’s previously announced review of strategic alternatives by its Board of Directors, management team, and advisors remains
ongoing.
Forward-Looking
Statements
Certain
statements in this Current Report on Form 8-K constitute “forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Words contained in this Current Report on Form 8-K such as “believe,” “anticipate,”
“expect,” “estimate,” “plan,” “intend,” “should,” “would,” “could,”
“may,” “might,” “will” and variations of such words and similar future or conditional expressions,
are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements related
to the Company’s expectations related to the Restructuring and the associated workforce reduction. These forward-looking statements
are not guarantees of future results and are subject to a number of risks and uncertainties, many of which are difficult to predict and
beyond our control. Important assumptions and other important factors that may cause actual results to differ materially from those in
the forward-looking statements include, but are not limited to, a material delay in consummating the Restructuring, the Company may incur
additional costs not currently contemplated or that the savings may be less than anticipated, the risk that the Restructuring and associated
workforce reduction may negatively impact the Company’s business operations and reputation, the Company’s ability to recruit
and retain key management and employees, and those additional risks, uncertainties and factors described in more detail in the Company’s
filings with the Securities and Exchange Commission (“SEC”) from time to time, including under the caption “Risk Factors”
in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (including any amendments thereto), and
in the Company’s other filings with the SEC (including any amendments thereto). The Company disclaims any obligation or undertaking
to update, supplement or revise any forward-looking statements contained in this Current Report on Form 8-K except as required by applicable
law or regulation. Given these risks and uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements,
which speak only as of the date hereof.
Item
2.06 Material Impairments.
To
the extent required, the information contained in Item 2.05 of this Current Report on Form 8-K is incorporated by reference herein.
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.
|
SHIFT TECHNOLOGIES, INC. |
|
|
Dated: September 5, 2023 |
/s/
Oded Shein |
|
Name: |
Oded Shein |
|
Title: |
Chief Financial Officer |
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|
Entity File Number |
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|
Entity Registrant Name |
SHIFT
TECHNOLOGIES, INC.
|
Entity Central Index Key |
0001762322
|
Entity Tax Identification Number |
82-5325852
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
290
Division Street
|
Entity Address, Address Line Two |
Suite 400
|
Entity Address, City or Town |
San Francisco
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
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|
City Area Code |
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|
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