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Standard BioTools Inc. (NASDAQ:LAB) began a restructuring plan on Saturday that includes a reduction of about 15% of its global workforce, according to a statement made in a recent SEC filing. The move comes as InvestingPro data shows the company has been quickly burning through cash, despite maintaining a strong current ratio of 5.16. The company stated that the restructuring aims to improve operational efficiency and reduce operating costs in line with current revenue projections.
The company expects to incur approximately $7.5 million in expenses related to the reduction-in-force. These expenses are primarily associated with cash severance, termination benefits, and related costs. Standard BioTools indicated that these costs are expected to be paid over the next several months. The company holds more cash than debt on its balance sheet, with a modest debt-to-equity ratio of 0.07.
The filing noted that the expense estimates are subject to several assumptions and actual results may differ. The company may also incur additional costs not currently anticipated as a result of, or associated with, the restructuring plan.
Standard BioTools is incorporated in Delaware and is based in South San Francisco, California. Its common stock trades on the Nasdaq Global Select Market under the symbol LAB.
This information is based on a statement made in a press release filed with the Securities and Exchange Commission.
In other recent news, Standard BioTools Inc. announced a strategic consolidation of its research and development operations, moving its South San Francisco activities to Singapore. This restructuring effort is expected to incur approximately $3.6 million in expenses, including $0.9 million in non-cash expenses related to share-based awards. The company also reported a revenue beat in its latest earnings report, although it missed bottom-line expectations. Following the divestiture of its SomaLogic business to Illumina for up to $425 million, including milestone payments and royalties, KeyBanc maintained a Sector Weight rating on Standard BioTools, noting potential for future acquisitions. Additionally, the company’s SomaScan 11K Assay was selected by Precision Health Research, Singapore for a significant 100,000 sample study. In corporate developments, Standard BioTools granted restricted stock unit awards to its CEO and CFO, with the CEO receiving 3,000,000 RSUs. These awards are part of the company’s Amended and Restated 2011 Equity Incentive Plan.
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