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): May 9, 2016
GI DYNAMICS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 000-55195 | 84-1621425 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
25 Hartwell Avenue
Lexington, MA 02421
(Address of principal executive offices and zip code)
Registrants telephone number, including area code: (781) 357-3300
(Former name or former address, if changed since last report.)
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 240.14a-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 240.13e-4(c)) |
Item 2.05 | Costs Associated with Exit or Disposal Activities. |
On May 10, 2016, GI Dynamics, Inc. (GI Dynamics) announced that it is reducing headcount by approximately 30% as part of its previously announced efforts to restructure its expenses in order to extend its cash runway. Following this reduction in workforce, GI Dynamics expects to have approximately 19 employees. GI Dynamics estimates that it will incur aggregate charges in connection with its reduction in workforce of approximately $250,000 for employee severance and benefit costs. GI Dynamics expects to record this amount as a restructuring charge in the second quarter ending June 30, 2016. All charges are expected to result in future cash expenditures.
GI Dynamics committed to this course of action on May 9, 2016, and expects to complete the reduction in workforce by June 30, 2016.
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 hereunto duly authorized.
GI DYNAMICS, INC. | ||
Dated: May 10, 2016 | /s/ Robert Solomon | |
Robert Solomon | ||
Vice President, Finance |